Cardano’s Whales and NFT Sales
Cardano has been making waves in the crypto industry recently, with its whales settling an average of $13 billion in large daily transactions. In comparison, Ethereum’s figure stands at $5 billion. Additionally, Cardano has seen progress in the non-fungible token (NFT) field, with NFT sales volume reaching over $7.6 million in the last 30 days.
Underperformance of ADA
Despite these notable achievements, Cardano’s native cryptocurrency ADA has been underperforming compared to ETH. ADA is currently trading at $0.50, experiencing a 14% weekly decline, while ETH hovers around $2,470 with a 5% decrease for the same period.
Potential Rally for ADA
However, experts believe that ADA could be on the verge of a rally due to upcoming events. The Coinbase v. SEC lawsuit is seen as a major catalyst, and a victory for Coinbase could trigger a “mega altcoin run.” The SEC sued Coinbase last summer, alleging that it offered trading services with unregistered securities like ADA.
Hot Take: Potential Catalysts for ADA
With Cardano’s whales making significant transactions and the growth of NFT sales on the platform, there is potential for ADA to rally in the near future. Keep an eye on upcoming events like the Coinbase v. SEC lawsuit, as it could have a major impact on ADA’s price and overall market sentiment.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content. Owen’s contributions serve as a valuable guide for both seasoned enthusiasts and newcomers, aiding them in navigating the dynamic world of cryptocurrencies with well-researched perspectives. With a meticulous commitment to precision, he empowers informed decision-making in the ever-evolving crypto domain.
