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.
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