Cardano whales present billion-dollar volume of transactions per day

Cardano (ADA) cryptocurrency whales are registering quite remarkable activity in the face of a billion-dollar volume of transactions per day, according to data revealed by cryptocurrency analysis platform, IntoTheBlock, on April 29. The current movement has placed ADA in a prominent scenario in the market.

According to the survey, Cardano cryptocurrency whales are currently busy, recording a large average transaction volume of an impressive $13.84 billion per day. The amount was recorded only in the last seven days.

For comparison purposes, this amount is a third of the current volume of Bitcoin (BTC), five times the volume of Litecoin (LTC) and more than 16 times that of the memecoin Dogecoin (DOGE), according to data shared by the platform.

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

At the time of publication, the price of Cardano was quoted at US$0.4553, down 3.0% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$291,507,480. In the last seven days, the cryptocurrency has depreciated 10.7%.

Renowned cryptocurrency analyst Ali Martinez observed recently that, since March 14, there has been a notable drop in whale activity in the largest cryptocurrency on the market, Bitcoin. According to the expert, “an increase in whale transactions could be the spark needed to boost $BTC prices”, he highlighted.

Analyst Suggests Potential Bull Run for Cardano Cryptocurrency

A renowned cryptocurrency industry analyst shared a bullish analysis in which he suggested a potential bull run for cryptocurrency Cardano (ADA) soon. The 11th largest crypto asset on the market showed a significant increase today, following the market recovery, after experiencing a significant retraction in recent days, reflecting the general slowdown in the cryptocurrency market.

Ali Martinez based his bullish prediction on analyzing Cardano’s MVRV index, noting that the last time this indicator fell below 22%, the Cardano cryptocurrency price experienced an increase of over 75%, suggesting the asset could soon skyrocket.

“The last time Cardano’s MVRV index fell below -22%, the price of $ADA soared by more than 75%. With the ADA MVRV index down -22%, we could see another impressive recovery!” he wrote.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.