Analytics platform Santiment says whale activity is soaring on the Cardano (ADA) blockchain as the token continues to consolidate.
Santiment says 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.
Santiment also notes that key Cardano stakeholders are heavily accumulating the eighth-largest crypto by market cap.
“Since the FTX collapse on November 9th, whale and shark addresses holding 10,000 to 10 million ADA have accumulated 659.53 million ADA, which equates to $235.5 million. This turnaround coming from the key stakeholders of Cardano is a nice sign.”
However, Santiment says not all data is making a strong case for ADA. The number of unique daily addresses interacting with the smart contract platform has seen a sharp decline of 27%.
“We saw some very encouraging rises in the amount of unique daily addresses interacting on the ADA network. But after seeing 85,000 addresses moving Cardano on a daily basis back in November, the number has sunk to about 62,000 addresses per day now.”
Cardano is worth $0.386 at time of writing, up over 8% in the last 24 hours.
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