As a researcher with years of experience in the cryptocurrency market, I find myself consistently intrigued by the dynamics of whale behavior and its impact on token prices. The recent surge in Cardano (ADA) is no exception. Having closely monitored large transactions within various protocols, I can attest that a 10% increase in large transactions, as seen with ADA whales, often signifies a shift in market sentiment.
As a researcher, I’m observing an interesting development within the Cardano (ADA) community. The large holders, often referred to as ‘whales’, seem to be acting against the grain in an effort to support the protocol’s persistent bullish trend. Despite a 4% dip this week, the ADA price is now on the upswing. According to data from CoinMarketCap, Cardano has surged by over 1.3% in the last 24 hours and is currently being traded at $0.3353.
Cardano whale impact
The substantial surge in price wasn’t driven by general market feelings; instead, it was instigated by the large Cardano investors, also known as ‘whales’. As per IntoTheBlock’s data, these big transactions increased by more than 10% within a day. After the price rise, these whales moved approximately 19.5 billion ADA, which equates to $6.48 billion.
According to the standard meaning, a large transaction refers to one worth $100,000 or higher. Typically, when this “whale” metric increases, the overall market feeling tends to be optimistic. Notably, Cardano often experiences such substantial transaction volumes, usually surpassing Ethereum‘s.
Based on information from IntoTheBlock, approximately 3,100 significant transactions occurred within a day. This is slightly lower than the weekly peak of 3,320 transactions, but still indicates that ADA‘s large investors might be involved in a substantial activity.
The significant build-up of Cardano is frequently evident in its price surges. Should this purchasing trend continue in the coming days, the currency could experience its strongest weekly performance this month.
Fighting for Cardano supremacy
Recently, Charles Hoskinson, the creator of the Cardano protocol, has been receiving attention not only for its standard network operations but also for some notable activities. Among these, his worldwide initiative with Input Output Global and his technical comparison with Solana stand out. A consistent theme emerges: Cardano is considered superior in many aspects.
However, current tech analysis shows that both protocols have strengths and weaknesses. While Cardano is known for its durability and security, Solana prides itself on flexibility and speed. Which is better remains a question of which survives the most stringent drawdowns on the market now.
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2024-09-17 18:20