Why Is ADA’s Price Down 8% Today Even as Cardano Whales Wake Up?

ADA is down the most today among the larger-cap alts. It was just yesterday that we wrote about ADA breaking out, as the asset had climbed to a multi-month peak of over $0.27 and analysts had just turned highly bullish, with massive price predictions flying left and right. However, the asset was rejected badly. In fact, ADA is down by over 8% in the past 24 hours and now sits below $0.255. This is rather surprising given the latest developments on the whale front. Whales Waking Up Data provided by Santiment Intelligence indicates that there’s a significant increase in activity among the largest market participants in the broader Cardano ecosystem. Transactions worth at least $100,000 jumped to 314 on October 5, the highest level of such activity in over four months. It’s worth noting that higher whale transaction counts show that large holders are becoming more active again, but do not reveal whether they are buying or selling. Cardano crowd interest is on the rise again as ADA’s social dominance reached 1.16%. This became its highest reading for the year after the token rallied from under $0.19 to over $0.27 within a few weeks. Santiment explained that fresh developments, includin...