Cardano Whales Move $6 Billion In One Day, Fueling ADA Price To $0.5?
In an intriguing move, Cardano (ADA) has rallied by approximately 4% in 24 hours, suggesting an increase in significant ADA holders' activity. ADA began the week bearish and fell most of the week. The ADA price declined 9.5% to $0.33260. This low has been overcome by a 6% crypto rally.
Whales, or significant holders, made several transactions during this price comeback. This transaction volume was 17.33 billion ADA, worth $6 billion, according to IntoTheBlock (ITB).
IntoTheBlock's Large Transaction Volume statistic monitors transactions above $100,000. It seems that whale trades totaled $24.18 billion in the last week, up from last week. In the preceding three days, $6 billion was traded on October 11 and $5.8 billion on October 10.
The rise in whale activity seems to be tied to Cardano ecosystem advances. InputOutput said that Cardano remains a hotspot for blockchain engineers, particularly after node updates to v.9.2.0 and v.9.2.1. According to InputOutput, 1,376 Cardano projects were active by September, demonstrating its appeal among blockchain entrepreneurs. September saw 80,000 native tokens produced and 1.34 million network transactions.
ADA to reach $0.5 or drop?
In recent weeks, investors have been more hostile than normal about ADA's price movement, notably on social media. On social networking site X, Cardano founder Charles Hoskinson addressed this viewpoint.
Hoskinson said Cardano's poor prognosis doesn't indicate failure, adding that the project is growing. He also criticized other crypto ecosystems, saying Cardano is one of the few remaining devoted to being a decentralized currency, unlike others aligned with BlackRock and Wall Street.
The ADA price has held a critical support level at $0.33, which gives optimistic investors hope despite pessimism. On-chain data like net network expansion and futures market momentum provide optimism. The current increase in whale activity may portend a persistent ADA price hike.
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