The digital asset market experienced significant instability in February, with the world's largest cryptocurrency, Bitcoin (BTC), surpassing the $25,000 price point, resulting in a market resurgence. Despite this, On-Chain data indicates that large investors in the crypto market, commonly known as “whales”, have been focusing on various tokens in recent weeks.
Crypto Whales Goes For Cardano
According to data shared by Santiments, large investors in the crypto market, known as “whales”, have been heavily focusing on the cryptocurrency Cardano (ADA) in recent weeks, with major spikes indicating their increasing interest at the current price level. The data indicates that on February 20, 2023, the whales conducted around 540 transactions worth more than $100,000 each involving ADA, and similar spikes have been observed multiple times since the beginning of February.
Over the past 30 days, the price of Cardano has increased by 4%, and at the time of writing, ADA is trading at an average price of $0.394.
HEX Up By 174%
Following Cardano, the cryptocurrency Hex (HEX) created by Richard Heart has witnessed a significant surge in price over the last 30 days. Recent data shows that on February 20, 2023, there were 112 whale transactions of HEX worth over $100,000 each, which is the second highest number of transactions in a day since February 9.
Over the last 30 days, the price of HEX has increased by more than 174%, and at the time of writing, it is trading at an average price of $0.0641.
Sandbox Spikes By 18%
According to experts, the cryptocurrency Sandbox (SAND) has also been performing well, although it has not been able to surpass HEX in terms of performance. Nonetheless, SAND has emerged as a popular choice among crypto whales, with around 80 transactions worth over $100,000 each recorded on February 20, making it the third-highest whale spike in the past three months. The accumulation of whales has led to a significant increase in the price of SAND, which has risen by 18% in the last 7 days.
At the time of writing, SAND is trading at an average price of $0.793.
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