Cardano has had a wild year in 2021, with a big surge to a new all-time high of $3.10 in early September. However, in the following months, the popular asset has lost 70% of its value and is now trading at $0.931268 at press time.

Santiment recently added the metrics for Cardano and with their tools we can take a closer look at the popular token.

Three metric indicators were taken into account for Santiment’s analysis.

Cardano’s Whale Activity

According to Holinessthe number of addresses with 10,000 to 100,000 tokens has been increasing rapidly.

Source: Holiness

However, in just three months, whales that have 100,000 to 1,000,000 ADA dumped from 37.0% to 17.7% of their supplies.

Source: Holiness

These opposites cancel each other out, resulting in a generally neutral indicator.

financing rate

According to data from the Santiment team, we can see that traders are selling at their highest proportion in a month, combining Cardano’s average hourly funding in FTX and DYDX.

Source: Holiness

Furthermore, Binance’s funding rate, which is updated every 8 hours, suggests a significant level of shorts. This current drop marked the highest short-to-long ratio on Binance since early September 2021.

Source: Holiness

These negative financing rates are a hopeful sign that the public is anticipating cheaper prices. And that often leads to quick sell-offs, which can drive prices up. These negative funding rates are undoubtedly a positive sign.

Whale transaction count

The number of transactions worth $100,000 or more can be a good indicator of price changes. Massive increases in whale transactions often signal major peaks or bottoms. However, not much is happening for Cardano (ADA) in this regard.

Both of the biggest groups of whale transactions took place at local tops in May and September, when the market was at its all-time high.

Cardano has the potential to change things. Charles Hoskinson, the founder of Cardano, recently held a surprise AMA on his official YouTube channel to answer questions from the community. In the session, he updated users on Cardano’s current plans and the state of affairs.

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