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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Cardano Whales Record Most Active Week In 9 Months, Bullish?

Keshav Verma
Keshav Verma
2 years ago
3 mins read
Bitcoin Whale

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On-chain data shows the Cardano whales have just had their most active week in nine months. Here’s what it may mean for the asset’s price.

Cardano Whale Transaction Count Has Been Elevated Recently

As per data from the on-chain analytics firm Santiment, the last time similar whale activity was observed was back in May 2022. The relevant indicator here is the “whale transaction count,” which tells us the total number of Cardano transfers taking place on the network that involved a movement of ADA worth at least $100,000 in value.

When the value of this metric is high, it means whales are making a large number of transactions on the blockchain currently. Such a trend suggests these humongous holders have an active interest in trading the cryptocurrency right now.

Generally, activity from the whales can be something to watch for, as the sheer scale of this cohort’s movements can carry the power to cause visible shifts in the market. Therefore, whenever the whale transaction count has high values, the price of the asset may feel some high volatility.

Now, here is a chart that shows the trend in this Cardano indicator over the last few months:

Cardano Whale Transaction Count

Looks like the value of the metric has been pretty high in recent days | Source: Santiment on Twitter

As displayed in the above graph, the Cardano whale transaction count has been at very high values during the past week. In fact, the past week was the most active for this cohort since nine months ago, back between the 11th and 17th of May 2022.

Interestingly, in that previous instance, the ADA price observed a 36% rally between the start of the week of high whale activity and the local top in early June (which was the next month).

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It’s possible that the current week of high whale transactions may result in the value of Cardano feeling a similar constructive effect. However, it’s far from a certainty.

The reason behind that is the indicator doesn’t distinguish between selling and buying transactions, so the current high activity could very well be dominated by distribution from the whales, which might provide a bearish effect on the price.

In the chart, Santiment has also shown data of the “ADA Supply Distribution” metric for the addresses holding between 1 million and 100 million ADA. The Supply Distribution measures the total number of addresses that are currently holding a number of coins falling inside a range (which, in the current case, is 1 million to 100 million ADA).

It seems like overall, 36 new addresses have popped up in this range since the start of the year, which could suggest that there has been some accumulation going on in the market recently.

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Earlier during the rally, the metric’s value saw a plunge, but in the last few days, there has been some fresh rise, hinting that at least some of the current high Cardano whale activity could indeed be for accumulation purposes.

ADA Price

At the time of writing, Cardano is trading around $0.3975, up 4% in the last week.

Cardano Price Chart

ADA seems to have been trading sideways recently | Source: ADAUSD on TradingView
Featured image from Vivek Kumar on Unsplash.com, charts from TradingView.com, Santiment.net
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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