Godfrey Benjamin
The action of Cardano whales is promising given the ongoing market recovery
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Contents
- Cardano (ADA) and the whale’s power play
- Impact on price
While Cardano (ADA) is considered the eighth-largest digital currency, it also has enormous power in other areas, including its on-chain whale trading.
Cardano (ADA) and the whale’s power play
According to data from crypto analytics platform IntoTheBlock (ITB), Cardano's aggregate whale volume has exceeded $23.07 billion in the last 24 hours after rising 8.37%. This figure is just behind Bitcoin (BTC), whose large transaction volume was $33.45 billion during the same period.
Cardano whale volume. Source: IntoTheBlock
That market whales are fully focused on Cardano is no surprise given the enormous development efforts put into the protocol. Unlike Bitcoin and the other altcoins, which are among the top ten coins by market capitalization, ADA is the second cheapest token after Dogecoin (DOGE), highlighting its appeal as a viable investment option.
According to ITB data, Cardano whale transactions have also seen a conservative upward trend so far this week. Large transactions worth $100,000 totaled 10,070 on December 11th. That number rose to 13,140 on December 14th.
It is quite unusual to have many whales transacting on a network, and maintaining consistency over time is even more difficult. As of November 15th, the total number of whale transactions registered on Cardano was 4,320, with a peak of 16,160 on November 9th.
The Cardano whale action is well documented; Earlier this week, over $1.5 billion was recorded in a single day.
Impact on price
The Cardano whale action shows the impact Cardano has on the broader Web3.0 ecosystem. The positive increase in transaction numbers comes at a time when the digital currency is back on the rise, with the price up 1.22% to $0.6269 in the last 24 hours.
Whale transactions are expected to continually improve market sentiment and support ADA on its path to overall resilience.
About the author
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for cryptocurrencies was born when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. Due to his extensive experience in various aspects of Web3, Godfrey's articles have been published on Blockchain.news, Cryptonews and Coingape, among others.
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