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Cardano Whales pushed ADA back to being the sixth largest crypto after being overtaken by Ripple.
For most of yesterday, Cardano (ADA) traded below $0.55 as the global cryptocurrency market winter continues. The low price of ADA also caused its market capitalization to plummet from over $20 billion to around $18.3 billion yesterday.
Following the massive decline in ADA’s market valuation, the cryptocurrency was quickly overthrown by Ripple (XRP) to become the sixth largest cryptocurrency by market capitalization, while Cardano dropped to seventh position.
Although there was not much difference in value between the two cryptocurrencies, it was unclear how ADA intended to reclaim the position of the sixth largest digital currency.
Cardano whales came to the rescue
Interestingly, while it looked like ADA was set to slip back to the seventh position it had held for a few weeks, Cardano’s whales came to the rescue as they embarked on a massive accumulation of the cryptocurrency. .
According to data shared by Santiment, an on-chain cryptocurrency data provider, nearly 160 whale purchases worth over $100,000 each were recorded in the second half of yesterday. The transactions took place in just six hours on Friday.
Santiment writes: “ADA soared to around 160 transactions of $100,000+ over a 6-hour period on Friday.”
Following the massive accumulation of Cardano whales, the price of the cryptocurrency jumped to over $0.57, while its market capitalization also increased to over $19 billion. The event also helped Cardano once again topple Ripple to become the sixth-largest cryptocurrency by market capitalization.
Will the ADA fly away amidst the accumulation of whales?
Meanwhile, Santiment noted that the last time whales embarked on a widespread buildup of ADA when the price of the coin was falling, ADA jumped over 28% in 18 hours.
“Cardano got a small bounce in the second half of Friday trading after large numbers of whale trades started showing up on the $ADA network. An extreme example of the last time whales piled up on a decline, prices jumped +28% in the space of 18 hours,” Santiment reports.
🐳📈 #Cardano got a small bounce in the second half of Friday’s trading after the number of large whale trades began to appear on the $ADA network. An extreme example of the last time whales piled on a decline, prices jumped +28% in the space of 18 hours. https://t.co/jLJbfC1BI7 pic.twitter.com/YPaYJfgmiD
— Santiment (@santimentfeed) June 3, 2022
However, it does not appear to be the case this time around as ADA fell slightly from $0.57 to $0.56. ADA is down 4.2% in the last 24 hours like other cryptocurrencies.
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Source: https://thecryptobasic.com/2022/06/04/data-shows-160-whales-purchased-cardano-ada-worth-above-100000-each-in-6-hours-will-it-affect- price/?utm_source=rss&utm_medium=rss&utm_campaign=data-shows-160-whales-buyed-cardano-ada-worth-over-100000-each-in-6-hours-will-it-affect-price