Cardano (ADA), currently the 11th largest cryptocurrency by market cap, has reported $6 billion in large transaction volume, a metric indicative of whale activity.
According to IntoTheBlock data, Cardano's large transaction volume came to $6.08 billion, or $17.71 billion ADA in crypto terms, in the last 24 hours.
The Large Transaction Volume indicator estimates the total amount transacted by whales and institutional participants on a particular day. Spikes in Large Transaction Volume indicate higher activity among whales, whether buying or selling.
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Cardano initiated a rebound after reaching lows of $0.3 on Sept. 6. The recovery continued for three days with the ADA price reaching highs of $0.348. Cardano's price has slightly eased at the time of writing, up 0.41% in the last 24 hours to $0.34, albeit up 6% weekly.
Cardano launches core governance tool
Intersect, a member-based organization for the Cardano ecosystem, has announced the release of a new tool for the Cardano community: Cardano GovTool, which is now available on the Cardano mainnet. This core governance tool is a big step forward for Cardano's decentralized governance system, as it is designed to fit with the governance architecture outlined in CIP-1694.
We're excited to announce the launch of the Cardano GovTool on the mainnet! This open governance tool is set to revolutionize decentralized decision-making in the Cardano ecosystem.In just 96 hours, the Cardano GovTool has already seen significant community engagement!📊 By… pic.twitter.com/LGvY5WAcNn
— Intersect (@IntersectMBO) September 10, 2024
This release represents a significant milestone for the Cardano ecosystem. ADA holders have now officially been handed over the governance of Cardano, and they can now determine the future of the platform.
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According to Intersect, in the first 96 hours that the Cardano GovTool was live, the Cardano network observed a rise of 1,586 unique delegators, 1,765 total vote delegations, 49 total DRep votes and 115 total DRep registrations.
Cardano successfully initiated the Chang 1 upgrade on Sept. 1.
