Santiment, a crypto data intelligence tools research platform has reported that the outstanding performance and surge of Cardano is mainly driven by the whale’s activities.
The recent performance has not lured the long-term Cardano holders, as a significant decline has been noticed.
The decline in the long-term Cardano holders suggests that they are looking for another alternative and now the profit-taking trend has somehow cooled down.
On November 20, Cardano attained an 18-month high and traded at $0.80. This move was so far speculated by the market analysts. On the same day, the overall crypto market is facing a low but Cardano has shown a significant upward momentum.
Talking about the low, the data shows that the overall crypto market has witnessed a low of 1.2% and is currently standing at $3.22 trillion in the last 24 hours. In the same time frame, Cardano has shown an upward trend of 4.1% and at the time of writing it is trading at $0.84. The daily trading volume also skyrocketed by 24% and has now reached $2.27 billion.
What does the report reveal?
Santiment, a crypto data intelligence tools research platform has reported that the outstanding performance and surge of Cardano is mainly driven by the whale’s activities. The large transactions reached 9,824 last week and included at least $100,000 worth of ADA. This event led to a five-month high.
Adding more to this, the report went on to mention that the overall open interest of Cardano went over the $400 million mark and it has not been witnessed after August. This clearly shows that the traders are showing interest in ADA.
Decline in long-term holders
The recent performance has not lured the long-term Cardano holders, as a significant decline has been noticed. The report also shows that on November 16, the one-year dormant circulation was 69.3 million ADA which dropped to 30.5 million ADA on November 19.
At the same time, the weekly on-chain transaction volume in profit also went down from 36.4 billion ADA to 29.6 billion ADA in the last two weeks. The decline in the long-term Cardano holders suggests that they are looking for another alternative and now the profit-taking trend has somehow cooled down.
It is noteworthy that the growing trading volume, whale transactions as well as open interest can place Cardano in a highly volatile zone. Another reason for the market volatility can be given to the Ukraine-Russia conflict.
