On Tuesday (21 February 2023), crypto analytics firm Santiment took at whale activity involving Cardano ($ADA), HEX ($HEX), and The Sandbox ($SAND).
Santiment’s blog post highlights the market’s increased volatility this year, with “key stakeholders” seemingly more excited than usual. It points out that some famous investors have said that volatile markets present the perfect opportunity to make big moves and separate yourself from the average investor.
The post notes that, despite a 5-day anomaly gap in the data, Cardano has seen a significant price increase this month. According to Santiment, this price surge suggests substantial interest from whales at these levels.
Apparently, $HEX has also been on the rise, with February 20 seeing “the highest level of whale transactions”, with the exception of February 9th, which was followed by a mid-sized correction.
As for $SAND, Santiment says that on February 20, the altcoin saw “the third highest whale spike” in the past three months, which took place when the price was going up, and Santiment takes this to mean we should not be surprised by at least a short-term correction.
Image Credit
Featured Image via Pixabay
