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Cardano (ADA) has recently surged to remarkable heights in whale activity, with a staggering average daily transaction volume of $13.84 billion over the past week, as reported by IntoTheBlock. This influx of large transactions places Cardano's activity at one-third of Bitcoin's current volume, surpassing Litecoin by a striking 500% and outpacing Dogecoin by an astonishing 1,600%.
Gamza KhanzadaevDelving deeper into the on-chain data reveals a dynamic landscape of fluctuating volumes. Despite a slight decline from its peak of 27.67 billion ADA (equivalent to $14.08 billion), the volume of large transactions remains formidable at 23.22 billion ADA (equivalent to $10.87 billion).
Remarkably, this still represents a substantial increase of almost 700 million ADA (nearly $350 million) from previous levels.
Cardano (ADA) price outlook
However, amid this surge in whale activity, the price of ADA has taken a hit. Experiencing a decline of over 7.8% in the past week alone, the Cardano token opened the new week with continued downward momentum, currently resting at $0.4543 per token.
Tomiwabold OlajideDespite the impressive volume of whale transactions, it appears that this surge has not translated into a corresponding surge in the token's market value.
The divergence between on-chain activity and market sentiment raises questions about the underlying factors driving Cardano's recent surge in whale activity and how it will affect the token's price.
Vladislav Sopov
Tomiwabold Olajide
Dan Burgin