Whales increase activity on Cardano as on-chain volume increases by 369% YTD

On-chain data provider Santiment caught the attention of followers as the number of whale transactions increased on the Cardano blockchain. In a recent tweet, Santiment shared that ADA traded nearly 6% higher on Friday, while the number of large whale trades began to increase on the Cardano chain.

Santiment believes that these trades were caused by whales accumulating the ADA dip, triggering the price to rise.

Cardano founder Charles Hoskinson recently shared a tweet that includes a CoinMetrics chart depicting the daily on-chain transfer volume of various blockchains, including Cardano.

Data indicates that Cardano has seen an increase in the on-chain volume of up to 369% year-to-date against the backdrop of other blockchains, including Bitcoin, Ethereum, Dogecoin, and Algorand, down 15%, 49%, 79%, and 82%, respectively.

Earlier in the week, Cardano hit a major milestone as the number of NFTs issued on the blockchain surpassed 5 million. At the same time, the price of ADA increased by about 12%. At the time of writing, ADA is trading at $0.56, according to data from CoinCu.

According to IOHK’s most recent weekly development update, preparations for the Vasil Hard Fork are in the final stages.

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