Cardano (ADA) It currently competes with ethereum in terms of sheer transaction volume. This is undoubtedly a positive development for the ADA ecosystem, especially as it indicates a wave of accumulation. Among the large holders of the token.
Cardano matches ethereum in high transaction volume
Data From the market intelligence platform bitcoin-time-bull-market-intotheblock-explains-why/” rel=”nofollow”>In the block shows that Cardano is experiencing a similar transaction volume to ethereum. In the past 24 hours, Cardano recorded a huge transaction volume of $6.7 billion, while ethereum witnessed a huge transaction volume of $6.71 billion.
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This development suggests that Cardano's whales have been active these past few days as they look to add more tokens to their positions, especially with the market currently in decline and as these investors anticipate the long-awaited ADA price recovery. data of bitcoin-adoption-new-addresses-35-june-bottom/” rel=”nofollow”>In the block This is confirmed by the fact that there has been an increase of more than 15% in the net flow of large holders in the last seven days.
Data of the Santiment on-chain analytics platform Cardano whales are also shown to have increased their positions. These investors, with wallets containing between 100,000 and 10 million ADA tokens, collectively purchased 120 million ADA tokens between July 17 and August 1. These wallets now hold over 5.69 billion ADA tokens.
An increase in whale activity presents a bullish outlook for the Cardano ecosystem. These investors could influence market prices and these purchases could lead to a significant increase in the price of ADA. This will provide a much-needed boost for Cardano, considering that the crypto token has been underperforming since the beginning of the year.
Cardano has a year-to-date (YTD) loss of over 35% and is one of the most shorted altcoins, thanks to this unimpressive price action. However, Santiment has x.com/santimentfeed/status/1816212665699819550″ rel=”nofollow”>He suggested that a massive shift for the crypto token cannot be ruled out, as the fact that Cardano is heavily shorted increases the “chances of Liquidations leading to bombs.”The on-chain analysis platform reclaimed These liquidations could act as “rocket fuel” for a Cardano price rally.
What will ultimately trigger this pro-ADA demonstration?
Cardano has failed to enjoy any significant rally despite several bullish developments in its ecosystem this year. The most recent bullish fundamental was the news that the US National stock market Commission (SEC) no longer considers ADA a security after the modification of your complaint against Binance.
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Meanwhile, the Chang hard fork is underway as Cardano transitions into the Voltaire era and ushers in its most advanced governance system. It is worth mentioning that the ADA price maintained a tepid price movement following the release of the node validation software, version 9.1.0, which incorporates the Chang hard fork.
As such, Cardano’s price action begs the question of what needs to happen for the crypto token to finally witness that long-awaited price rally and catch up with the rest of the top-cap tokens in terms of year-to-date gains.
At the time of writing, Cardano is trading at around $0.38, down over the past 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
