This weekend is one like no other with the majority of top altcoins, including Cardano (ADA), in a rebound mode. According to data from CoinMarketCap, Cardano's price is pegged at $0.4221, up by 5.29% in the past 24 hours. Forming strong support above the $0.4 price mark comes with a lot of underlying on-chain push, including the whale embrace.
Cardano reaffirms lead in whale transactions
Data from the crypto analytics platform IntoTheBlock (ITB) hinted at a Cardano whale trend as this metric has jumped by over 4.5% in 24 hours to $8.87 billion. By whale volume, only Bitcoin has recorded more figures than Cardano among the top digital currencies besides stablecoins.
Cardano Large Transactions Chart. Source: IntoTheBlock
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Precisely, 21.87 billion ADA has been moved by whales in 24 hours, solidifying the coin’s ongoing price rally. For Cardano, the growth trend follows something like a script.
First, the whales, generally named as those who conduct transactions upward of $100,000, ignite an unusual buying spree. Then the trading volume shifts positively as it is currently pegged at $333,501,886, up 1.87% overnight. The resultant impact is an uptick in the price of the coin as showcased by current market data.
Developmental prop-up for ADA
Despite the high volatility, Cardano is a protocol with a deep sense of developmental responsibility. The blockchain has continued to roll out new updates such that it can beat any criticism on reasons for its coin’s growth without the right fundamental backing.
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For Cardano, the next major milestone after the Midnight Protocol launch is to have the entire ecosystem shift to a self-governing one. The network is on track to achieve this with the forthcoming Chang upgrade that will help usher in the Voltaire Era.
The timeline is slated for this month, and chances are the 21.87 billion ADA can make all the difference.
