Cardano price still in red despite sharks and whales actions

Cardano (ADA) whales boost activity, driving transactions up despite the price still under $0.28.

Data from the market intelligence platform Santiment shows that Cardano (ADA) sharks and whales have been making notable moves while the price is still below $0.28.

Per Santiment, ADA transactions worth at least $100,000 — including transactions worth at least $1 million — suddenly dropped on Aug. 14, falling to 1,685 trades in total. 

Over the past 24 hours, however, Cardano sharks and whales transactions gained traction again. According to the market intelligence platform, transactions of at least $100,000 worth of ADA rose to 1,843. Meanwhile, whale transactions — each worth at least $1 million — hiked from 108 to 109 over the past day.

Moreover, the movements come while addresses that have accumulated between 100,000 and 10 million ADA rose from 24,696 on July 16 to 24,883 at the time of writing. 

The number of whales with ADA holdings of 10 million and 100 million coins, per Santiment, also grew from 404 on July 16 to 410 at reporting time.

A report on Aug. 8 states that Cardano sharks and whales have accumulated roughly $116 million worth of ADA over the past two months. This resulted in the asset’s accumulation reaching a 16-month high despite the current break market conditions.

Furthermore, Cardano’s price has been downward since July 20, when it reached a local top of $0.33 with a 24-hour trading volume of over $500 million.

Cardano is down by 3.7% in the past 24 hours and is trading at $0.279 at the time of writing. With the rise of shark and whale activity, ADA’s 24-hour trading volume witnessed a 63% rise, reaching $202 million with a total market capitalization of $9.77 billion.