As a seasoned analyst with over two decades of experience in the financial markets, I find myself intrigued by the recent developments surrounding Cardano (ADA). The $6 billion in large transaction volume is certainly a significant indicator, suggesting increased activity among whales and institutional participants. This could be interpreted as a bullish signal, especially considering Cardano’s recent recovery from its September 6 low of $0.3.
Currently, Cardano (ADA) – ranked as the 11th biggest cryptocurrency based on market capitalization – is showing a significant amount of large-scale transactions worth approximately $6 billion. This figure often signifies active involvement from ‘whales’ in the crypto market.
Based on information from IntoTheBlock, it is noted that the total value of transactions on the Cardano network amounted to approximately $6.08 billion (or about 17.71 billion ADA in cryptocurrency terms) over the past 24 hours.
On a given day, the Large Transaction Volume measure provides an estimate of the overall value of transactions carried out by large investors (whales) and institutions. Significant increases in Large Transaction Volume suggest increased activity from these large investors, which could be due to either purchasing or selling actions.
On September 6, Cardano experienced a downturn and hit a low of $0.3. However, for the next three days, the price of ADA bounced back, reaching a high of $0.348. At the moment of writing, Cardano’s price has slightly decreased but still shows an increase of 0.41% over the past 24 hours, and a weekly growth of 6%.
Cardano launches core governance tool
The organization known as Intersect, which focuses on the Cardano network, has unveiled a fresh resource for the Cardano community – the Cardano GovTool. This essential governance tool can now be found on the main Cardano network. This new addition is significant because it advances Cardano’s decentralized decision-making system, aligning with the governance blueprint outlined in CIP-1694.
We’re thrilled to unveil the debut of the Cardano Governance Tool on the mainnet! This open governance instrument is poised to transform decentralized decision-making within the Cardano network.
In just 96 hours, the Cardano Governance Tool has already garnered substantial community involvement!
📊 Here’s a snapshot of…
— Intersect (@IntersectMBO) September 10, 2024
This update signifies a major achievement within the Cardano community, as ADA owners have now formally taken control of the decision-making process for Cardano. They now possess the power to shape the course that this platform will take in the future.
In the initial 96 hours after the launch of the Cardano GovTool, the Cardano network saw an increase of 1,586 unique delegators, a total of 1,765 vote delegations, 49 votes for DRep, and 115 registrations for DRep.
Cardano successfully initiated the Chang 1 upgrade on Sept. 1.
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2024-09-10 19:47