Cardano (ADA) Whales Make a Splash with $13.84 Billion Transactions
If you are a Cardano enthusiast, you will be pleased to know that data from the market intelligence platform IntoTheBlock reveals some exciting news about whale activity involving Cardano. The whales have been making waves with an average large transaction volume of $13.84 billion daily over the last week, totaling about $96.88 billion in transactions during this period. This surge in whale activity has sparked hopes of a significant price surge for the ADA token.
- Cardano whales conducted an average large transaction volume of $13.84 billion daily in the last week
- This translates to a total transaction volume of approximately $96.88 billion during the same period
- Whale activity on Cardano has revived hopes for a significant price surge for the ADA token
It is noteworthy that this transaction volume is significantly high when compared to other cryptocurrencies in the market. For instance, it represents a third of Bitcoin’s current volume and is 5 times and 16 times higher than the transaction volumes of Litecoin and Dogecoin, respectively.
- The $13.84 billion daily transaction volume by Cardano whales is a significant amount
- It is a third of Bitcoin’s current volume, showcasing the high level of activity
- Comparatively, the transaction volume is 5 times that of Litecoin and 16 times higher than Dogecoin’s volume
Cardano Price and Whale Activity Relationship
The cryptocurrency market has seen Cardano experience price dips recently, with the ADA token down over 11% in the past week according to data from CoinMarketCap. However, the return of whales engaging in hefty transactions could indicate a change in trend and possibly contribute to an imminent price surge. Whales play a crucial role in price discovery, and their activity historically correlates with potential price reversals, as noted by the on-chain analytics platform Santiment.
- Recent price dips have been observed in Cardano
- The ADA token is down by over 11% in the last seven days, indicating a downward trend
- Whale activity in Cardano is expected to lead to a potential price surge
Moreover, other on-chain metrics suggest a bullish outlook for Cardano, with data from IntoTheBlock displaying positive signals such as Concentration and Bid-Ask Volume Imbalance. Despite most ADA holders currently not being in profit, they may consider adding to their positions to break even when Cardano experiences a relief rally.
- Additional on-chain metrics display bullish signals for Cardano
- Concentration and Bid-Ask Volume Imbalance metrics indicate positive prospects for the ADA token
- ADA holders might need to make additional investments to reach a profitable position once a price surge occurs
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