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Cardano (ADA) Skyrockets to Epic $13.84 Billion in Whale Activity

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Mon, 29/04/2024 - 14:15
Cardano (ADA) Skyrockets to Epic $13.84 Billion in Whale Activity
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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%.

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Delving 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. 

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ADA to USD by CoinMarketCap

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Despite 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.

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