ADA Goes Up As Whales Start Accumulating on The Dip

Santiment on-chain data provider has drawn the attention of its followers to a surge in the amount of whale transactions on the Cardano blockchain.

In a recent tweet, the Santiment team of analysts shared that on Friday ADA got a bounce of nearly 6 percent, while the amount of large whale transfers started rising on Cardano chain.

Santiment believes that these transactions were whales accumulating Cardano’s native coin on the dip, provoking the price rise.

🐳📈 #Cardano got a small bounce the second half of Friday trading after large whale transaction counts began to appear on the $ADA network. An extreme example of the last time whales accumulated on a downswing, prices jumped +28% in the span of 18 hours. https://t.co/jLJbfC1BI7 pic.twitter.com/YPaYJfgmiD

— Santiment (@santimentfeed) June 3, 2022

Earlier this week, U.Today reported that a milestone was reached by Cardano when the amount of NFTs issued on this blockchain exceeded 5 million. Simultaneously, the price of ADA went up roughly 12 percent.