Whales take over Cardano as “large” transactions grow 3%

According to the IntotheBlock analysis, Cardano recorded a slight increase of 3% in “large” transactions. At press time, Cardano had changed hands at $ 1.24, down 0.6% in the last 24 hours.

Source: TradingView

“Large Transactions” tracked by IntoTheBlock refer to transactions of approximately 100,000 or more. IntoThe Block analysis shows Cardano’s current whale concentration at 6%, suggesting that a handful of the richest ADA holders control large amounts of the total token supply.

Source: IntoTheBlock

Hence, whale activity could be very important to ADA. Cardano ranks 7th with a current market cap of $ 41 billion.

ADA price has steadily declined after peaking at $ 2.9 on September 2. ADA’s multi-month decline has pushed the daily RSI, a momentum indicator, into oversold territory.

In addition, a fall in price also creates an “accumulation zone”. Whales often take advantage of periods of price declines or macro-consolidation to buy slumps in their favorite tokens at a discount.

Meanwhile, the development of the Cardano blockchain continues. Analytics firm Santiment notes that Solana, Polkadot, and Cardano are leaders in daily growth.

The source: Twitter

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