Cardano's native blockchain token, ADA, has experienced a remarkable surge in large transactions, exceeding $1.5 billion in the past 24 hours, according to on-chain analytics platform IntoTheBlock.
The substantial increase in these transactions, typically valued at least $100,000 each, has driven the aggregate volume from $17.96 billion to an impressive $19.47 billion.
In terms of Cardano tokens, this surge reflects a surge in large transactions from $32.32 billion ADA to $33.66 billion ADA.
Cardano's Christmas story
This surge in transaction whales, a term often used for major players on financial markets, is closely tied to the outstanding performance of ADA's price. Notably, Cardano's sentiment resembles euphoria, and the token is basking in its best December stretch in the last seven years.
Since the start of the month, ADA has exhibited remarkable growth, exceeding 63%. Remarkably, while the broader market is grappling with losses ahead of the U.S. Federal Reserve rate decision, ADA remains exceptionally bullish, trading at a notable 6% above its opening price of $0.61 per token.
The surge in whale transactions and ADA's robust price performance underline growing confidence and interest among large-scale investors in Cardano. This influx of high-value transactions indicates a strong belief in the token's potential and the blockchain's capabilities.
As Cardano continues to stand out on the volatile cryptocurrency market, the $1.5 billion whale transactions surge serves as a testament to the growing prominence of ADA. Investors and enthusiasts are closely watching as Cardano's momentum shows no signs of waning, making it a focal point in the crypto space amid market uncertainties.