dailyhodl.com
Whale activity is currently spiking for Cardano ($ADA) and The Sandbox ($SAND), according to the crypto analytics firm Santiment.
Santiment notes in a new analysis that Cardano has witnessed “major interest” from whale addresses since the beginning of February.
The analytics firm views whale transactions as those larger than $100,000.
“Don’t mind the five-day anomaly gap in data for Cardano. Just take a look at what the asset has done since February. Clearly a huge spike indicating some major interest from whales at this level.”
The Ethereum (ETH) competitor’s native asset, $ADA, is worth $0.39 at time of writing. The seventh-ranked crypto asset by market cap is down more than 3% in the past 24 hours but up more than 3% in the past month.
$ADA remains more than 87% down from its all-time high of $3.09, which it hit in September 2021.
On Sunday, The Sandbox, a metaverse altcoin, saw its third-largest spike in whale transactions in the past three months, according to Santiment.
The analytics firm notes that because the uptick in whale activity happened while the project’s native asset, $SAND, was also surging in price, it “increases the probability of at least a short-term correction.”
“The Sandbox has been on quite a tear of its own. Not quite to the capacity that Hex has been. But it has been turning heads quite a bit. Yesterday was the third highest whale spike in the past 3 months. And it came as prices were rising rapidly. This increases the probability of at least a short-term correction.”
$SAND is worth $0.783 at time of writing. The 43rd-ranked crypto asset by market cap is down more than 6% in the past 24 hours and more than 3.5% in the past month. $SAND remains more than 90% down from its all-time high of $0.783, which it hit in November 2021.
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