On-chain analytics tool IntoTheBlock reports that Cardano’s native blockchain currency, ADA, has seen a notable spike in big transactions over the last 24 hours, surpassing $1.5 billion.
These transactions, which are usually priced at least $100,000 each, have significantly increased, bringing the total sum from $17.96 billion to an astounding $19.47 billion.
This spike in Cardano tokens is a reflection of a rise in significant transactions, which went from $32.32 billion ADA to $33.66 billion ADA.
Cardano’s Christmas story
This increase in “transaction whales,” a phrase used to describe large participants in the financial markets, is directly related to the exceptional success of the price of ADA. Notably, Cardano is seeing its best December run in the past seven years, and his attitude closely approaching ecstasy.
When compared to the beginning of the month, ADA has grown by more than 63%. It’s interesting to note that, despite losses in the wider market ahead of the U.S. Federal Reserve’s rate announcement, ADA is still quite positive, trading 6% above its starting price of $0.61 per token.
A rising number of large-scale investors are becoming more confident and interested in Cardano, as seen by the spike in whale transactions and ADA’s strong price performance. The surge in high-value transactions suggests that people are confident in the potential of the token and the capabilities of the blockchain.
Cardano’s increasing significance in the volatile cryptocurrency market is evidenced by the spike of $1.5 billion whale transactions, which further solidifies the company’s position. With Cardano’s growth showing no signs of slowing down and its prominence in the cryptocurrency industry despite market uncertainty, investors and fans are observing with great interest.
