Whale activity is currently spiking for Cardano (ADA) and The Sandbox (SAND), according to the crypto analytics firm Santiment.
Santiment notes in a new analysis that Cardano has witnessed “major interest” from whale addresses since the beginning of February.
The analytics firm views whale transactions as those larger than $100,000.
“Don’t mind the five-day anomaly gap in data for Cardano. Just take a look at what the asset has done since February. Clearly a huge spike indicating some major interest from whales at this level.”
The Ethereum (ETH) competitor’s native asset, ADA, is worth $0.39 at time of writing. The seventh-ranked crypto asset by market cap is down more than 3% in the past 24 hours but up more than 3% in the past month.
ADA remains more than 87% down from its all-time high of $3.09, which it hit in September 2021.
On Sunday, The Sandbox, a metaverse altcoin, saw its third-largest spike in whale transactions in the past three months, according to Santiment.
The analytics firm notes that because the uptick in whale activity happened while the project’s native asset, SAND, was also surging in price, it “increases the probability of at least a short-term correction.”
“The Sandbox has been on quite a tear of its own. Not quite to the capacity that Hex has been. But it has been turning heads quite a bit. Yesterday was the third highest whale spike in the past 3 months. And it came as prices were rising rapidly. This increases the probability of at least a short-term correction.”
SAND is worth $0.783 at time of writing. The 43rd-ranked crypto asset by market cap is down more than 6% in the past 24 hours and more than 3.5% in the past month. SAND remains more than 90% down from its all-time high of $0.783, which it hit in November 2021.
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Source: https://dailyhodl.com/2023/02/21/whale-activity-explodes-for-ethereum-rival-cardano-the-sandbox-and-two-additional-altcoins-santiment/