Cardano Sees Massive Spike In Whale Activity

According to the latest reports, it seems that Cardano is seeing a massive spike in whale activity. Check out the latest reports about this below.

Cardano sees massive spike in whale activity

It’s been just reported that the analytics platform Santiment says whale activity is soaring on the Cardano (ADA) blockchain as the token continues to consolidate.

Santiment said that a spike in Cardano whale activity started at the beginning of the month with daily transactions increasing by more than 460% compared to the previous month.

“The amount of whale transactions happening on the ADA has seen a massive since the start of February. There is suddenly an average of approximately 1,700 transactions per day valued at $100,000 or more. This is an enormous uptick from the approximate 300 $100,000+ transactions per day that were happening throughout January.”

It’s been also reported the fact that Santiment said that key Cardano stakeholders are heavily accumulating the eighth-largest crypto by market cap.

“Since the FTX collapse on November 9th, whale and shark addresses holding 10,000 to 10 million ADA have accumulated 659.53 million ADA, which equates to $235.5 million. This turnaround coming from the key stakeholders of Cardano is a nice sign.”

SEC regulations and effects revealed

An executive at the largest Ethereum (ETH) staking service is reportedly outlining some of the potential consequences of upcoming US regulatory decisions on the heels of recent crackdowns on the crypto industry.

Jacob Blish, the head of business development and partnerships at Lido DAO (LDO), told Bloomberg in a new interview that the U.S. Securities and Exchange Commission’s (SEC) recent shutdown of Kraken’s staking program could actually benefit staking services like Lido’s.

“I have been getting a lot more questions about ‘Does this impact Lido? What are your thoughts on this?’ I personally think this is a net benefit for on-chain permissionless liquid staking or staking providers, but it really depends on what the final resolution is.”