Cardano whale transactions surge to 6-month high

Cardano has continued to see a surge in whale activity in recent times, with the number of daily transactions exceeding $100,000 reaching its highest level since November 2023.
Cardano (ADA) has experienced a surge in whale activity in recent times, new data shows. This can be seen in the latest data from top blockchain analytics platform Santiment.
Cardano whale transactions hit highest point since November
On April 29, the amount of ADA worth more than $100,000 in Cardano-related transactions surged to its highest level, surpassing the previous record on November 8, 2023.
The chart accompanying the tweet shows that 1,776 transactions took place on the Cardano network on April 29, with each transaction worth more than $100,000. This is the highest number since November 8 (nearly 6 months ago).
Whales show strong interest in ADA amid price drop
The move comes against the backdrop of a sharp drop in cryptocurrency prices, including ADA. Notably, Santiment revealed that ADA has experienced a price drop over the past month. Santiment noted that ADA’s valuation has fallen by 43% since its market cap exceeded $28 billion on March 13.
Interestingly, whales saw the price drop as an opportunity to initiate large ADA transactions. As previously reported, crypto analytics platform IntoTheBlock made a similar observation.
According to data from IntoTheBlock, large transactions exceeding $100,000 per day surged to $13.84 billion over the past week.
To provide context, the volume of large transactions registered on Cardano over the past week is equivalent to one-third of Bitcoin’s volume during the same period. Furthermore, this figure exceeds the transaction volumes of Litecoin and Dogecoin in the same time frame by more than 5 times and 16 times, respectively.
Regarding the significance of Cardano’s whale activity, Santiment noted that this milestone, combined with the significant drop in ADA’s valuation, could indicate signs of a price reversal in the near future.
Meanwhile, ADA has lost 4.92% on the day and 16.3% over the past seven days. The 10th-ranked cryptocurrency is also down 33.7% over the past month.
While many expected investors to seek safety, whales have been very active on Cardano, as can be seen in the significant growth in the number of transactions exceeding $100,000.
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