According to U.Today, this weekend has seen a notable rebound for top altcoins, including Cardano (ADA). Data from CoinMarketCap indicates that Cardano's price has risen to $0.4221, marking a 5.29% increase in the past 24 hours. This price surge is supported by strong on-chain activity, particularly from large investors known as whales.
Data from the crypto analytics platform IntoTheBlock (ITB) reveals a significant increase in Cardano whale transactions, which have surged by over 4.5% in the last 24 hours to $8.87 billion. Among the top digital currencies, only Bitcoin has recorded higher whale volumes than Cardano, excluding stablecoins. Specifically, 21.87 billion ADA has been moved by whales within this period, reinforcing the ongoing price rally. Typically, these whales, who conduct transactions exceeding $100,000, initiate a buying spree that boosts trading volume. Currently, Cardano's trading volume stands at $333,501,886, up 1.87% overnight, contributing to the coin's price increase.
Despite the high volatility in the market, Cardano continues to demonstrate a strong commitment to development. The blockchain has been rolling out updates to ensure its growth is backed by solid fundamentals. The next major milestone for Cardano, following the launch of the Midnight Protocol, is to transition the entire ecosystem to a self-governing model. This shift is expected to be facilitated by the upcoming Chang upgrade, which will usher in the Voltaire Era. Scheduled for this month, this upgrade could significantly impact the network, especially with the recent whale activity involving 21.87 billion ADA.