Whale Activity Booms for Ethereum Rival Cardano

The whales are making important moves in the crypto space these days. Check out the latest reports about how they are moving crypto in a new boom.

Whale activity is currently spiking for Cardano (ADA) and The Sandbox (SAND), according to the crypto analytics firm Santiment.

Santiment notes in a new analysis that Cardano has witnessed “major interest” from whale addresses since the beginning of February.

The analytics firm views whale transactions as those larger than $100,000.

“Don’t mind the five-day anomaly gap in data for Cardano. Just take a look at what the asset has done since February. Clearly a huge spike indicating some major interest from whales at this level.”

It’s also important to note the fact that the Ethereum (ETH) competitor’s native asset, ADA, is worth $0.39 at time of writing.

It’s also important to say that the price of the coin is down more than 3% in the past 24 hours but up more than 3% in the past month.

ADA remains more than 87% down from its all-time high of $3.09, which it hit in September 2021.

It’s been just reported that the analytics platform Santiment says whale activity is soaring on the Cardano (ADA) blockchain as the token continues to consolidate.

Santiment said that a spike in Cardano whale activity started at the beginning of the month with daily transactions increasing by more than 460% compared to the previous month.

“The amount of whale transactions happening on the ADA has seen a massive since the start of February. There is suddenly an average of approximately 1,700 transactions per day valued at $100,000 or more. This is an enormous uptick from the approximate 300 $100,000+ transactions per day that were happening throughout January.”

Stay tuned for more news and make sure to check out the crypto market as well.