- Cardano (ADA), the 10th largest cryptocurrency by market cap, has recently experienced a significant surge in large transaction volumes, with a staggering 21 billion ADA transacted.
- This uptick in activity is triggering an anticipation of a major price boost for ADA, as investors and analysts closely monitor the developments within the Cardano ecosystem and the broader crypto market.
- According to IntoTheBlock data, 21.34 billion ADA worth $10.11 billion accounted for Cardano’s large transaction volume in the last 24 hours.
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ADA price action
After four consecutive days of gains, Cardano’s native cryptocurrency, ADA, has encountered a wave of profit-taking. The digital asset, which has been riding a bullish wave, saw its upward trajectory momentarily stall as holders began to cash in on their recent profits. At the time of writing, ADA was down 0.77% in the last 24 hours to $0.4665, down from highs of $0.491 reached on May 17.
Market Dynamics and Whale Activity
IntoTheBlock reported on May 15 that Cardano whales holding between 100 million and 1 billion ADA added 11% to their balances over the past month to increase their stakes to 6.7% of ADA’s total supply. This significant accumulation of ADA can boost market confidence, which might contribute to positive price momentum in the long run.
Conclusion
Cardano’s recent transaction volume surge and whale activity indicate a robust market interest that could potentially lead to further price appreciation. Monitoring these metrics will be crucial for predicting ADA’s future price movements.
