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Cardano (ADA) whales are in rebel mode in an attempt to help the protocol sustain its ongoing bullish rally. After dropping as low as 4% this week, the ADA price is now in rebound mode. Per data from CoinMarketCap, Cardano has recovered by more than 1.3% in 24 hours and is trading for $0.3353.
Cardano whale impact
This epic price rebound did not come from market sentiment; Cardano whales triggered it. According to data from IntoTheBlock, large transactions jumped by over 10% in 24 hours. Following the pump, the whales shifted 19.5 billion ADA, worth $6.48 billion.
Gamza KhanzadaevBy definition, large transactions are those valued at $100,000 or more. When this particular whale metric rises, market sentiment is generally positive. Cardano is not alien to such massive transaction flows, with its volume generally exceeding Ethereum's.
According to the IntoTheBlock data, over 3,100 of these large transactions were conducted in 24 hours. Considering this is compared to the weekly high of 3,320 transactions, it is safe to assume ADA whales are onto something big.
The impact of this massive Cardano accumulation is often reflected in the price jump. If this buying spree is sustained over the next few days, the coin may see its best week for this month.
Fighting for Cardano supremacy
Beyond its core network activities, Charles Hoskinson, the founder of the Cardano protocol, has made headlines over the past week. From his global campaign with Input Output Global to his tech comparison with Solana, one message has resonated: Cardano is superior.
However, current tech analysis shows that both protocols have strengths and weaknesses. While Cardano is known for its durability and security, Solana prides itself on flexibility and speed. Which is better remains a question of which survives the most stringent drawdowns on the market now.
Gamza Khanzadaev
Tomiwabold Olajide