Cardano (ADA) is seeing a massive uptick in whale activity, as whale transactions worth $100K+ have drastically increased since January 30, with up to 36 more addresses holding between 1 million and 100 million tokens added to the network since the beginning of this year.

In the past seven days, whale transactions involving $100K+ worth of ADA have increased by 296% to 8,885, according to data from behavior analytics service Santiment which first highlighted the immense uptick. These transactions picked up from the 2,243 value observed in the week leading to January 30.

According to Santiment, the last time Cardano witnessed such a cluster of $100K+ transactions was last May. Further data suggest that ADA’s price skyrocketed by up to 36% from the start of that week until it reached the peak of $0.6661 on June 8, 2022.