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Cardano Whales

Cardano Breaks Away With 16% Jump As Whales Become Active

Keshav Verma
by Keshav Verma
9 months ago
·
Posted in Cardano
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Cardano has recently broken away from the rest of the cryptocurrency sector as on-chain data shows increased activity on the network.

Cardano Whale Transaction Count & Active Addresses Have Spiked

In a new post on X, the on-chain analytics firm Santiment has discussed about how ADA’s metrics have developed during the latest rise in the asset’s price. There are two indicators of interest here: the Whale Transaction Count and the Daily Active Addresses.

Related Reading: Bitcoin Retail Volume Makes Comeback As BTC Records New High

The first of these, the Whale Transaction Count, keeps track of the total number of transfers taking place on the ADA network that are carrying a value of at least $100,000.

Generally, only the whale entities are capable of moving around amounts so large with single transactions, so this metric’s value tells us about how the activity from these humongous investors is like right now.

The other indicator, the Daily Active Addresses, also provides information about network activity, but this one isn’t restricted to just the whales. An address is said to be ‘active’ when it participates in some kind of transaction activity on the blockchain, whether as a receiver or sender.

The Daily Active Addresses tells us about the unique number of ADA addresses becoming active in this manner every day. Unique active addresses may be considered equivalent to unique users, so this indicator can be looked at as a measure of the daily traffic that the network is receiving.

Now, here is a chart that shows the trend in both of these on-chain metrics for Cardano over the past month or so:

Cardano Activity

Both of these metrics appear to have surged in recent days | Source: Santiment on X

As displayed in the above graph, the Whale Transaction Count and the Daily Active Addresses have both surged for Cardano as the recent price rally has occurred.

Activity-related metrics going up with a rally isn’t something unusual, as investors tend to find sharp price action like this exciting, so they tend to make more moves than usual.

In fact, a surge in these indicators is almost a requirement for any rally to be sustainable, as it’s only with an increasing activity that runs like these can obtain the fuel they need to keep going.

There are currently a total of 37,892 addresses making transfers on the Cardano network every day, which is the highest since the bottom in early September. The Whale Transaction Count is also at its highest point since the same low, with the whales making 697 transfers.

Related Reading: Exchanges Receive 2nd Largest Stablecoin Inflows Ever: Fuel For Bitcoin?

While a high activity can be conductive for rallies, it in itself isn’t necessary to be bullish. The reason is that periods of high selling activity also see these metrics spike.

As Cardano has been sharply rallying so far, the latest activity has indeed tended towards buying. It only remains to be seen, however, whether the market would keep up the same trajectory or if investors would start taking their profits.

ADA Price

At the time of writing, Cardano is trading around $0.437, up more than 25% over the past week.

Cardano Price Chart

Looks like the price of the coin has been going up over the last few days | Source: ADAUSDT on TradingView
Featured image from Dall-E, Santiment.net, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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