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Cardano (ADA) Seeing Large Increase in Whale Transactions

Tue, 01/10/2023 - 09:45
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Alex Dovbnya
Here's what's behind Cardano's most recent rally that puzzled cryptocurrency trading community
Cardano (ADA) Seeing Large Increase in Whale Transactions
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The cryptocurrency sector has been surging of late, and Cardano, the world's eighth largest cryptocurrency by market cap, is no exception.

Over the past seven days, Cardano (ADA) has seen a 25% increase in its price, which appears to be linked to an uptick in trading volumes as well as new address holders.

According to analytics firm Santiment, 28 unique addresses holding more than a million ADA tokens have appeared on the network with over one million ADA stored.

Trading volume for Cardano has also hit a two-month high, according to its data sources.

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Furthermore, it reports increasing whale transactions, with many investors likely attempting to capitalize on the most recent price spike.

Large whale traders were likely among those responsible for speeding up the rally and driving Cardano closer to entering a long-term consolidation area.

As reported by U.Today, the price of ADA soared roughly 17% on Sunday, with its market capitalization surpassing $11 billion. This let Cardano's native cryptocurrency finally top meme cryptocurrency Dogecoin (DOGE) on crypto ranking website CoinMarketCap.

It was speculated that the move was triggered by whales who wanted to create a FOMO-driven rally.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at