Cardano (ADA) It currently competes with Ethereum in terms of transaction volume. This is undoubtedly a positive development for the ADA ecosystem, especially since it indicates a wave of accumulation. Among the major token holders.
Cardano rivals Ethereum in large transaction volume
Data From Market Intelligence Platform In the mass It shows that Cardano is seeing a similarly large transaction volume as Ethereum. In the last 24 hours, Cardano has seen a massive transaction volume of $6.7 billion, while Ethereum It witnessed a large trading volume of $6.71 billion.
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This development indicates that Cardano whales They have been active over the past few days as they look to add more tokens to their positions, especially with the market currently down and these investors anticipating the long-awaited price rise of ADA. Furthermore, Data from In the mass This is confirmed by the fact that there has been a more than 15% increase in net inflows from large investors over the past seven days.
Data from Santiment On-Chain Analytics Platform It also appears that Cardano whales have added to their positions. These investors, who hold wallets containing between 100,000 and 10 million ADA tokens, collectively purchased 120 million ADA tokens between July 17 and August 1. These wallets now hold over 5.69 billion ADA tokens.
The increase in whale activity is a positive outlook for the Cardano ecosystem. These investors could influence market prices, and these purchases could lead to a significant spike in the price of ADA. This would provide a strong boost to Cardano, after the cryptocurrency had a weak performance since the beginning of the year.
Cardano has lost over 35% YTD and is one of the most shorted altcoins, thanks to this unimpressive price action. However, Santiment has Proposal A major turnaround in the Cardano cryptocurrency cannot be ruled out as massive short selling increases the “chances of… Qualifiers leading to pumps“On-chain analytics platform” claimed These liquidations could serve as “rocket fuel” for Cardano’s price rise.
What could ultimately ignite the ADA spike?
Cardano It has failed to enjoy any significant upside despite several bullish developments in its ecosystem this year. The latest bullish basis was the news that the U.S. Securities and Exchange Commission (SEC) No Longer Considers ADA a Security amend her complaint Against Binance.
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at the same time, Chang’s Solid Fork Cardano is currently working on transitioning to the Voltaire era and entering the most advanced governance system. It is worth noting that the price of ADA has maintained a tepid price movement after the release of the contract validator, version 9.1.0, which includes Chang’s Solid Fork.
As such, Cardano’s price action raises the question of what needs to happen for the cryptocurrency to finally see that long-awaited price surge and catch up with the rest of the major tokens in terms of gains so far this year.
At the time of writing, Cardano is trading at around $0.38, down over the past 24 hours, according to Data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com