- Cardano (ADA) witnessed a significant surge in whale transactions exceeding $100K on April 29th, marking the highest daily count since November 8th, 2023.
- Historically, such spikes in whale activity have correlated with potential price reversals, but this hasn’t been the case so far as the market has bled out.
- Despite the correction, Cardano remains one of the top projects with strong GitHub activity among leading Layer 1 blockchain networks.
Cardano (ADA) recently witnessed a significant increase in large transactions, suggesting heightened interest from influential investors. This spike in whale activity reached levels not seen since November 2023.
Daily Whale Transaction Count Reaches High of 1,776
On April 29th, Cardano saw 1,776 whale transactions exceeding $100K in value. This marked the highest daily transaction count going back to November 8th, 2023. Historically, these types of spikes have correlated with potential price reversals. However, the recent market downturn has continued despite the uptick in whale activity.
Market Cap Down 43% Since March
Additionally, Cardano’s total market capitalization has dropped 43% since hitting a peak on March 13th. This substantial decrease over the past few weeks indicates a major decline in the project’s overall valuation.
Average Daily Whale Volume Reaches $13.84 Billion
According to crypto analytics firm Intotheblock, Cardano whales have been noticeably active over the past week. Their average daily transaction volume came in at a massive $13.84 billion. To put this into perspective, this figure is around one-third of Bitcoin’s current daily volume and more than 5 times Litecoin’s. It demonstrates the high level of engagement within the Cardano ecosystem.
Recent Sell-Off Drives ADA Price Below $0.50
This resurgence in whale activity comes amidst a broader sell-off across the crypto markets. ADA‘s price fell by over 5% on the day, dropping below $0.50. However, Cardano remains one of the top blockchain projects by developer activity. It continues to post strong GitHub metrics compared to other leading Layer 1 networks.
