At the moment, Cardano price is changing hands at $1.232, down 7% in the last 24 hours. Large transactions tracked refer to transactions around 100,000 or more.
ADA/USD 4-hour chart | Source: TradingView
Cardano sees a slight increase in whale transactions
According to Into The Block, Cardano’s current whale concentration is 6%. This may suggest that a handful of the richest ADA holders control large amounts of the entire Cardano supply.
![cardano-whale-transactions-record-a-modest-increase-quite-significant-for-ada[1]](https://d3f5j9upkzs19s.cloudfront.net/azcoinnews/wp-content/uploads/2021/12/cardano-whale-transactions-record-a-modest-increase-quite-significant-for-ada1.png)
Source: Into The Block
Whale activity can be quite significant for the ADA. Cardano ranks 6th with a current market cap of $42.1 billion. Cardano has been steadily declining after peaking at $2.90 on September 2. ADA’s multi-month decline has pushed the daily RSI, a momentum indicator, into oversold territory.
These are exciting times, with our growing dev community busy building & testing their #DApp projects. #DEXs, oracles, marketplaces, liquidity providers & more!@cryptstitution from the IOG community team has been meeting just a few of some of the projects #BuildingOnCardano?1/n
— Input Output (@InputOutputHK) December 17, 2021
Additionally, the decline in the ADA price also led to what appears to be an area of accumulation. Whales have been known to often swoop in during price drops or macro consolidation to buy their favorite tokens at a discount. Development activity continues on the Cardano.
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Read more:
- Number Of The Richest ADA Holders Controlling Roughly 94% Of The Total Circulating Supply
- Input Output CEO Charles Hoskinson Is Not Concerned About Solana Surpassing Cardano