Santiment’s data source revealed in a recent tweet that Cardano whales and sharks purchased a stunning amount of ADA in June, adding that “things may get interesting” if this trend continues in August.
Whale and shark wallets purchased $138 million worth of Cardano’s native token ADA in mid-June, according to Santiment, barely one week after the token’s price plunged.
The Santiment team said this quantity does not seem remarkable, but if these investors continue to purchase ADA in August, things may get more intriguing.
As reported by U.Today, whales were also collecting ADA at the beginning of July. In the past, wallets with 10,000 to 100,000 ADA could purchase $79.1 million worth of ADA within a month.
Earlier, U.Today claimed that Cardano’s on-chain transaction volume has increased by 238%, exceeding Bitcoin, Ethereum, and Dogecoin.
Charles Hoskinson, Cardano and Input Output Global (IOG) inventor, recently blasted a Twitter user complaining about ADA volatility in a message.
He stated that the ADA he purchased in January 2021 for $5,000 is now worth as low as $1,500. Hoskinson said that the current price of such a quantity of ADA is $6,750 and reminded the complainant that he does not influence the cryptocurrency market. “Markets fluctuate,” he tweeted. He also noted that this individual does not seem to comprehend how cryptography works or its existence.