As the much-anticipated Cardano Summit in Argentina kicks off, ADA’s whale transactions or large transactions surged by more than 10%.

Highlights include:

- The Cardano Summit in Argentina kicked off in a heated atmosphere.

- ADA whales are actively hoarding tokens as positive sentiment towards the Cardano project continues to grow.

- The protocol continues to lead innovation.

The Cardano ecosystem is currently changing rapidly, and ADA whales seem to be the biggest beneficiaries. The Cardano Summit in Buenos Aires has officially kicked off, and many are looking forward to new developments in the ecosystem.

ADA whales control bullish sentiment

According to data from cryptocurrency analytics platform IntoTheBlock (ITB), the number of large transactions surged by more than 10% in 24 hours. During this period, approximately $6.54 billion in Cardano was transferred.

These data highlight the level of sentiment within the ecosystem. For reference, according to IntoTheBlock’s definition, ADA whales are individuals who trade at least $100,000 worth of tokens. In the past 24 hours, data from ITB shows that about 3,670 such transactions were carried out on-chain. This number dropped to a low of 2,220 and a high of 4,150 in the past week.

In terms of actual token count, 18.75 billion ADA were transferred in 24 hours, worth about $6.54 billion. The total volume for the week jumped from a low of $5.15 billion to $6.87 billion. The activity of ADA whales has slightly coincided with the price trend. As of this writing, the token is priced at $0.3501, up 1.98% in 24 hours. However, its trading volume has dropped by 29% to just $211 million, according to CoinMarketCap. Despite the discrepancy between whales and overall market sentiment, a top market analyst earlier noted that Cardano’s price is bottoming out.

It is worth noting that according to this prediction, Cardano’s price could hit new highs in the future.

Cardano’s Impact in Argentina

With the recent release of Peras, there is no shortage of updates in the Cardano ecosystem, and the summit taking place in Argentina has attracted huge attention. One of the main highlights of the event was the meeting with President Javier Milei.