Cardano (ADA) has recently experienced a massive spike in large transaction volume, reaching a staggering $21 billion.

ADA’s trading volume over the past 24 hours reached 21.34 billion coins, worth $10.11 billion.

The surge in large transaction volume indicates active buying or selling activity by whales or institutional players, who may be accumulating ADA in anticipation of future price appreciation.

Cardano whales holding between 100 million and 1 billion ADA have increased their balances by 11% over the past month, increasing their holdings to 6.7% of ADA’s total supply, which could help drive positive price momentum in the long run.

After four consecutive days of gains, ADA has encountered a wave of profit-taking. The upward trajectory of the digital asset, which has been riding a bullish wave, has temporarily stalled as holders begin to cash in on recent profits.

As of the time of writing, ADA is down 0.77% over the past 24 hours to $0.4665, down from the high of $0.491 reached on May 17.

In the short term, cryptocurrency market participants are closely watching ADA’s price action. The ability of cryptocurrencies to maintain current support levels will be critical in determining whether the recent price gains will continue or whether further adjustments are imminent.

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