The cryptocurrency market has been witnessing a significant development in terms of large transaction volume, particularly with Cardano (ADA) competing with Ethereum in this aspect. Data from market intelligence platforms like IntoTheBlock and Santiment confirms that Cardano has been experiencing a surge in large transaction volume, indicating a wave of accumulation among the token’s large holders.
In the last 24 hours, Cardano recorded a large transaction volume of $6.7 billion, almost on par with Ethereum’s $6.71 billion. This development points towards an increase in activity among Cardano whales who have been actively adding more tokens to their positions. Large holders’ net flow has increased by over 15% in the last seven days, as per IntoTheBlock data, showcasing a bullish outlook for the Cardano ecosystem.
Whales, wallets holding between 100,000 and 10 million ADA tokens, collectively bought 120 million ADA tokens between July 17 and August 1, bringing their total holdings to over 5.69 billion ADA tokens. This surge in whale activity could potentially influence market prices and spark a significant rally in ADA’s price. This could serve as a much-needed boost for Cardano, which has underperformed since the beginning of the year.
Despite having a year-to-date loss of over 35% and being one of the most shorted altcoins, Cardano’s recent whale activity and positive developments within its ecosystem have raised hopes for a potential turnaround. Santiment suggests that the high short interest in ADA increases the chances of liquidations leading to price pumps, acting as “rocket fuel” for a possible price rally.
Cardano has recently seen several positive developments, including the news that the US Securities and Exchange Commission (SEC) does not consider ADA a security anymore, following the amendment of its complaint against Binance. Additionally, the ongoing Chang Hard Fork and transition to the Voltaire era mark significant steps towards implementing its most advanced governance system. The tepid price movement following the release of node validator software version 9.1.0, incorporating the Chang Hard Fork, indicates that the market is closely watching for further developments.
Overall, the increased whale activity, positive market indicators, and upcoming developments suggest a promising outlook for Cardano’s future. As it continues to compete with Ethereum and solidify its position in the market, investors and enthusiasts alike are eagerly awaiting the next phase of growth and potential price rally for ADA.
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