Cardano (ADA) may not hold a spot in the top three cryptocurrencies by market capitalization, but it's currently making waves in the realm of whale transactions. According to data from crypto analytics platform IntoTheBlock (ITB), Cardano has seen a notable 11.55% increase in whale transactions, totaling $9.55 billion in volume.
To put this in perspective, Cardano's whale transaction volume ranks as the second highest among the top 10 cryptocurrencies, trailing only behind Bitcoin (BTC) with a volume of $33.64 billion, which has surged by 69.64%. Ethereum (ETH), the second-largest cryptocurrency by market cap, lags behind with only $3.3 billion in whale volume, despite a significant 50% increase. Even stablecoins, typically associated with substantial transactional activity, have seen lower whale value compared to Cardano.
This significant achievement by Cardano underscores the confidence that market whales have in the protocol. Several factors could explain why Cardano whales have been actively acquiring ADA tokens, especially in amounts exceeding $100,000. Cardano is known for its high level of decentralization and frequent governance votes, making it a likely target for whale involvement.
Another possibility is that these whale acquisitions are linked to on-chain staking opportunities.
As for the potential impact on Cardano's (ADA) price, despite its impressive whale activity and its ongoing development efforts throughout the year, the coin's price currently stands at $0.3745, reflecting a 4.74% decline over the past 24 hours. While Cardano's whale activity suggests strong support, it remains to be seen whether this will translate into a positive price effect in the near future. Time will reveal the full implications of Cardano's whale engagement on its price performance.