Could Cardano (ADA) Experience a Price Reversal as it Witnesses a Massive Whale Volume?
Claude Pascal
Cardano's whale transaction volume count on its proof-of-stake blockchain has increased by 11.55%, with a volume of $9.55 billion, making it the second largest among the top 10 listed coins after Bitcoin.
Despite not being among the top three cryptocurrencies by market cap, Cardano (ADA) is making waves in terms of whale transaction volume count on its proof-of-stake (PoS) Layer-1 blockchain.
According to data from crypto analytics platform IntoTheBlock (ITB), Cardano's whale transactions have increased by 11.55% with a volume of $9.55 billion, which is the second largest among the top 10 listed coins after Bitcoin (BTC).
This highlights the confidence of market whales in the protocol, which may be targeted towards governance engagements or on-chain staking.
However, despite Cardano's impressive performance, its whale volume is not yet translating to its price, which is currently trading at $0.3745, down 4.74% in the past 24 hours. Only time will tell if there will be an effect on the price.