Despite being the eighth-largest digital currency, Cardano (ADA) has significant influence in other domains, such as its on-chain whale transaction.
Cardano (ADA) and whale’s power play
IntoTheBlock (ITB), a cryptocurrency analytics website, reports that Cardano’s total whale volume increased by 8.37% in the last 24 hours to surpass $23.07 billion. This amount comes in second only to Bitcoin (BTC), whose substantial transaction volume was estimated to be $33.45 billion over the same time frame.
It comes as no surprise that market whales are all in favour of Cardano given the significant development efforts being made to the system. The fact that ADA is the second-cheapest token after Dogecoin (DOGE), in contrast to Bitcoin and the other altcoin featured in the top 10 biggest currencies by market cap, highlights its appeal as a feasible investment choice.
Cardano whale transactions have also witnessed a cautious spike so far this week, according to the ITB statistics. As of December 11, there have been 10,070 large transactions (those valued at $100,000 or more). As of December 14, this number has increased to 13,140.
Large numbers of whales transacting on a network are extremely rare, and consistency across time is even more difficult to achieve. 4,320 whale transactions has been made on Cardano as of November 15, with a peak of 16,160 transactions on November 9.
A single day earlier this week saw over $1.5 billion recorded in the well-documented Cardano whale behaviour.
Implication for price
The Cardano whale action demonstrates the extent of Cardano’s impact across the larger Web3.0 ecosystem. The digital currency is seeing a rebound, with its price rising 1.22% to $0.6269 in the last day. This coincides with the favourable increase in transaction count.
Whale trades are predicted to continuously improve market sentiment and support ADA during its resiliency path.
