• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
Bitcoin Whale

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

Hououin Kyouma by Hououin Kyouma
4 months ago
in Cardano
Reading Time: 3 mins read

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).

Related Reading: This Bitcoin On-Chain Metric Is At A Historical Resistance, Will BTC Decline?

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.

Related Reading: Shiba Inu Takes 3% Hit, Gets Flipped By Polkadot In Market Cap

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
Tags: ADAadausdCardanoCardano BullishCardano Whale ActivityCardano whales
Tweet123Share196ShareSend
Hououin Kyouma

Hououin Kyouma

Kyouma is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. Kyouma has been writing for many years, first as a hobbyist and later as a freelancer. He obtained a bachelor's in physics in 2022 and is planning on starting a master's in the same field in the near future. Kyouma is enthusiastic about the cryptocurrency industry and holds an active interest in on-chain analysis. His hobbies include gaming, anime, and football. You can find Kyouma on Twitter at @Kyouma29.

Related Posts

Cardano

Is Cardano Poised for A Price Surge? A Look At Its Tight Consolidation

1 week ago
Cardano

Cardano Surpasses 500 Million ADA In TVL – How About Its Impact On Price?

2 weeks ago
Cardano

Cardano Price Rejected at $0.36, How Long Will The Correction Last?

2 weeks ago
Cardano ADA

Cardano (ADA) Bounces Back From The Red Zone, Will It Continue Minting Gains?

3 weeks ago
Cardano

Cardano May Sink To This Level As Bears Keep Gaining Leverage

3 weeks ago
Cardano

Cardano DeFi Steals The Show, Outperforms The Market With Explosive Transaction Growth

3 weeks ago

Premium Partners

Play Finance

Now Trending

  • Potential 20x+ Crypto Presales 2023

    2 days ago
  • Willing to buy new crypto: Here are the best 10...

    2 days ago
  • Best Crypto Meme Coin Presales in 2023

    2 days ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • $WSM Hype Peaks as the Presale Blasts Past $1.5 Million in...

    1 hour ago
  • Dogecoin Volatility Set to Erupt: Wall Street Memes and...

    2 hours ago
  • XRP to hit 5$ Dogecoin chart suggests volatility Tradecurve...

    2 hours ago
  • 5 Reasons Why SCORP Could Set the Next Crypto Trend After...

    3 hours ago
  • Stacks (STX) and Dogecoin (DOGE) Whales Add Sparklo (SPRK)...

    3 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.