{"id":519008,"date":"2023-02-08T11:33:40","date_gmt":"2023-02-08T11:33:40","guid":{"rendered":"https:\/\/uniquehot.com\/?p=519008"},"modified":"2023-02-08T11:33:40","modified_gmt":"2023-02-08T11:33:40","slug":"cardano-whales-active-week-9-months-bullish","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/cardano\/cardano-whales-active-week-9-months-bullish\/","title":{"rendered":"Cardano Whales Record Most Active Week In 9 Months, Bullish?"},"content":{"rendered":"
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.<\/p>\n
As per data from the on-chain analytics firm Santiment<\/a>, the last time similar whale activity was observed was back in May 2022. The relevant indicator here is the “whale transaction count<\/a>,” 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.<\/p>\n When the value of this metric is high, it means whales<\/a> 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.<\/p>\n 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.<\/p>\n Now, here is a chart that shows the trend in this Cardano indicator over the last few months:<\/p>\n <\/p>\n 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.<\/p>\n 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).<\/p>\nLooks like the value of the metric has been pretty high in recent days | Source: Santiment on Twitter<\/a><\/pre>\n