The Santiment, the on-chain data provider, has alerted crypto investors to an increase in the number of whale transactions on the Cardano (ADA) blockchain. The data provider in a tweet on June 3 informed that ADA gained about 6%, while the number of massive whale transfers on the Cardano chain began to rise.
According to Santiment, these transactions were caused by whales collecting Cardano’s native coin ADA during the downturn which has resulted in the price to climb.
🐳📈 #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
Recent Growth in Cardano (ADA)
Cardano set a milestone when the number of NFTs released on its network surpassed 5 million earlier this week. At the same time, the price of ADA increased by around 12%.
On June 3, Charles Hoskinson who is the founder of Input Output Hong Kong (IOHK) and Cardano (ADA) mocked the Cardano opponents on Twitter while informing that the ADA network transaction volume has surpassed that of many major cryptos, including BTC, ETH, and DOGE.
This is thanks to our new ghost generator that has dramatically increased ghost transactions. We call it SpookyAlpha https://t.co/cjO2gLILMd
— Charles Hoskinson (@IOHK_Charles) June 3, 2022
As per information, ADA transactions have surged 369% in 2022, compared to 15% for Bitcoin, and 49% for Ethereum. The founder Hoskinson remarked on the increased transaction by referring to ghost transactions and SpookyAlpha.
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