According to U.Today, Cardano (ADA) has experienced a significant increase in whale activity, with an average daily transaction volume of $13.84 billion over the past week. This surge in large transactions has put Cardano's activity at one-third of Bitcoin's current volume, surpassing Litecoin by a substantial 500% and outpacing Dogecoin by an impressive 1,600%.
A closer look at the on-chain data shows a dynamic landscape of fluctuating volumes. Despite a slight drop from its peak of 27.67 billion ADA (equivalent to $14.08 billion), the volume of large transactions remains strong at 23.22 billion ADA (equivalent to $10.87 billion). This still represents a significant increase of almost 700 million ADA (nearly $350 million) from previous levels.
However, despite this surge in whale activity, the price of ADA has suffered. Over the past week alone, the Cardano token has seen a decline of over 7.8%, opening the new week with continued downward momentum, currently sitting at $0.4543 per token.
Despite the impressive volume of whale transactions, this surge has not resulted in a corresponding increase in the token's market value. The divergence between on-chain activity and market sentiment raises questions about the underlying factors driving Cardano's recent surge in whale activity and its potential impact on the token's price.