Cardano (ADA), the eighth-largest cryptocurrency by market capitalization, in the past one week averaged a staggering $13.84 billion on average each day as seen in large transaction volumes from its whales.
Comparing Cardano to Other Cryptos
These large holders and significant investors kept the network busy by conducting transactions worth at least $100,000. As per data from the market intelligence platform, IntoTheBlock, the volume of transactions carried out by the Cardano whales, when put in perspective, is one-third of Bitcoin’s current volume.
The massive influx of activity on the network represents a growing interest and investment in Cardano when compared to other digital assets. Aside from Bitcoin, the quantity of transactions on a daily average is approximately five times that of Litecoin (LTC), and over sixteen times the daily transaction volume of Dogecoin (DOGE).
Cardano whales are busy, with an average large transaction volume of $13.84B a day in the last 7 days.
For comparison, this is a third of Bitcoin's current volume, 5x as much as Litecoin's volume and over 16x that of Dogecoin! pic.twitter.com/xU2XMoEQbM
— IntoTheBlock (@intotheblock) April 29, 2024
Notably, the trading volume attained a peak of $14 billion on April 22, reflecting the increased activity and trading on the Cardano network. Thereafter, there was a steady dip in the following days until it hit a floor bottom on April 27 when it dropped to around $10 billion.
Cardano’s Whale Impact
This flurry of whale activity from Cardano investors indicates a growing confidence in the Cardano network and its underlying technology. Cardano gained traction following a recent period of muted performance where the price of ADA lost momentum, due to waning market sentiments.
Analysts believe that the transaction volume witnessed in the last 7 days is a likely indicator that these whales are positioning themselves for future opportunities and returns. The surge in Cardano’s large transaction volume aligns with the broader trend of institutional interest in blockchain technology and cryptocurrencies.
Although the impact of Cardano’s high transaction volume on the broader crypto market remains to be seen, it helps to further solidify its place among the leading cryptocurrencies in the market. Notably, besides Cardano, other altcoins like Shiba Inu also boast of occasional whale transaction boom with the ultimate goal of sustaining network activity.
