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 sought to make ADA the sixth largest cryptocurrency after being overtaken by Ripple (XRP) and it was successful. As we have reported as Kriptokoin.com , ADA’s price has lost value after a “crypto winter” that started in the past weeks. 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 recaptured 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 increased
About 160 whale purchases were recorded, of which 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 at 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.
🐳📈 #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
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.
