Cardano Faces Pressure from Whales, But in Most 'Unlikely' Way

Cardano under pressure from whales, but in the most ''unlikely'' way CardanoADA ADA CardanoCommunity

Santiment's analysts wrote:"Cardano shark and whale addresses have accumulated a combined $138 million in ADA in eight days after the mid-June dump around the local price top. This is only a mild accumulation for now, but could get interesting if this trend continues throughout August."Cryptocurrencies saw a sharp sell-off on Friday as global markets retreated after U.S. Federal Reserve officials indicated the resolve to keep raising interest rates until inflation is contained.

During the week, Santiment noted positive sentiment regarding Cardano but noted higher profit-taking than usual:"Cardano sentiment is rather positive at the moment, and prices are up +22% in the past 3 weeks. The ratio of on-chain transactions as profit taking vs. selling at a loss is at its highest level of profit taking since the final week of March," it wrote.

At the time of publication, Cardano was demonstrating a bigger drop, down 13% to $0.46 at the time of publication.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Utoday_en /  🏆 295. in US

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Cardano (ADA) Faces Massive Plunge, What's Happening?$ADA is crashing massively as technical issues with Vasil hard fork cause panic among investors
Read more »

Cardano Founder Urges Stake Pool Operators to Upgrade NodesCardano founder Charles Hoskinson wants stake pool operators to get ready to the Vasil upgrade
Read more »

Prominent Cardano Developer Says Testnet Is 'Catastrophically Broken'Prominent developer Adam Dean has shed light on the issues with the Cardano testnet in a scathing Twitter thread
Read more »

Most Hyped Cardano NFT Project Adds Snoop Dogg's Son to Its RosterCardano ClayMates officially adds ChampMedici to its team cardanoada cardanofeed cardanocommunity claymates cardanonft $ada
Read more »

Cardano's Djed Stablecoin Scores Another Partnership Ahead of LaunchCardano Djed stablecoin secures another partnership before going live $COTI CardanoADA CardanoCommunity ADA Vasilhardfork
Read more »

Cardano's Vasil Fork: How Close Is Network to Major Upgrade?Vast majority of stake pool operators are required to upgrade their nodes before Vasil upgrade takes place
Read more »