Categories: Market

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

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Annie

According to U.today

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

CoinX

Recent Posts

Dogecoin Price Gets $5 Prediction, Shiba Inu To Rally 1,100%, And ETFSwap (ETFS) To Jump 135x

Here are the latest predictions for Dogecoin, Shiba Inu, and ETFswap.

2 hours ago

AVAX Hits $1B in DeFi, Cardano Expected to Surge—BlockDAG Leads with $110M Presale & 100% Bonus!

Discover BlockDAG's 100% bonus and $110M presale surge that’s sparking interest among crypto enthusiasts. Also,…

2 hours ago

Crypto Institutional Investors Move To ETFSwap (ETFS) Amid $500 Million Liquidity Injection Expectations

Discover why crypto investors are moving to ETFSwap (ETFS) as $500 million liquidity injection is…

5 hours ago

Buyers Rush to Maximise Gains with BlockDAG’s 100% Bonus Offer; Plus, ETH Holds Strong as Solana Challenges Rivals

Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…

7 hours ago

Thai Police Corruption Case Involving Officers and Extortion

Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…

10 hours ago

SafePal Telegram Wallet Launches with Swiss Bank Accounts and CeDeFi

SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…

11 hours ago

This website uses cookies.