Cardano's Dormant Whales Stirring, Is a Turning Point Near?

Cardano's on-chain data reveals that dormant whales have become active again, sparking speculation about a potential turning point in the market. According to Santiment, a firm that analyzes on-chain metrics, Cardano has seen increased transactions involving dormant coins recently.

The 'Age Consumed' metric, which measures the total number of tokens being moved on the blockchain multiplied by the amount of time since they last moved, has shown spikes in June following a price decline. This suggests that long-term holders have decided to become active again, possibly due to panic selling or other factors.

The 'Mean Dollar Invested Age' metric, which calculates the age of the average dollar invested in Cardano, has also slowed its growth rate. Historically, clusters of Age Consumed spikes paired with a pause in Mean Dollar Invested Age have often appeared around key market turning points, according to Santiment.

Cardano is currently trading at around $0.16, down over 26% in the past week.