Cryptocurrency users know that the biggest investors usually buy Shiba Inu (SHIB) or Dogecoin (DOGE). Looking at the largest Ethereum (ETH) wallets, SHIB in particular seems to take up a significant amount of space in whales’ wallets. Recently, however, whales have taken action for another popular altcoin, Cardano (ADA). Here are the details…
not SHIB: Eyes on Cardano
Cardano whales tried and succeeded in making ADA the sixth largest cryptocurrency after it was overtaken by Ripple (XRP). As Cryptokoin.com reported, after a “crypto winter” that started in the past weeks, the price of ADA has lost value. This caused its market value to see a loss of almost $2 billion as well. The decline of ADA’s market cap has made it the seventh largest cryptocurrency by market cap. Before that, he was in sixth place.
Cardano’s sixth place was captured by Blockchain company Ripple’s XRP. There isn’t much change in value between the two cryptocurrencies, so it remains to be seen how ADA has regained sixth place. Interestingly, when it became clear that the ADA would have to return to the seventh position it has been in for the past few weeks, the Cardano whales came to the rescue of the ADA.
Santiment data: ADA transactions volume up
According to data shared by Santiment, which offers on-chain cryptocurrency data, ADA has recorded about 160 whale purchases worth over $100,000 each in the past day. . These transactions took place yesterday in just six hours. After the whale accumulation in Cardano, the price of the coin rose above $0.57 and surpassed XRP in market cap. Currently, ADA is changing hands at $0.56, down 3.9 percent. The market cap of the cryptocurrency is observed around $19.1 billion. Santiment used the following statements about the ADA backlog:
Cardano made a small jump in the second half of Friday’s trading session after large whale transaction numbers started appearing on the ADA network. As an extreme example of whales accumulating at the most recent decline, we can show that prices rose 28 percent in 18 hours.
Ripple (XRP) 4 percent It is changing hands at $0.39 with a decline of . XRP’s market cap is about $3 million lower than ADA’s: around $18.8 million. Meanwhile, it should be underlined that the overall value of the cryptocurrency market fell by 2.7 percent to $1.28 trillion. This decline is due to the 2.4 percent depreciation in the price of Bitcoin, which accounts for almost 45 percent of the overall market.
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