Cardano Whales Re-Emerge as On-Chain Transactions Hit 6-Month High — $1 ADA Price Incoming?

Cardano Whales Re-Emerge as On-Chain Transactions Hit 6-Month High — $1 ADA Price Incoming?
фото показано с : zycrypto.com

2023-8-9 22:38

Cardano, currently the eighth-largest cryptocurrency by market capitalization, has recently witnessed a resurgence of whales as on-chain transactions reach a significant six-month peak.

According to data from prominent crypto analytics firm Santiment, whales and sharks holding between 100,000 to 10 million ADA accumulated back to their highest level since September 2022. Simultaneously, the firm reported on Tuesday that Cardano experienced a steady rise in on-chain transaction volume over the past six months, with over 67 billion ADA tokens being transacted, marking the highest volume since September 21.

This recent influx of such significant amounts of ADA tokens being moved has the potential to influence the ADA token’s price significantly to the highly-coveted $1 price. However, despite the substantial transaction volume, ADA’s price exhibited a rather neutral performance, displaying a mere 4% drop over the past seven days.

The absence of significant price fluctuations amidst the increase in transaction volume suggests large ADA holders might be moving their tokens to other addresses or converting them into different assets. Such actions frequently contribute to price stability, as buying pressure offsets selling pressure.

Alternatively, the whales may be solely transferring their assets without any intention to sell. They could prepare for future transactions, diversify their portfolios across multiple addresses, or safeguard their holdings.

The occurrence of high-value transactions underscores the trust and confidence that large investors have in the potential of the Cardano network.

However, despite the notable developments, Cardano’s network usage has declined, leading to heightened ADA price volatility. According to data by Messari, active users on the network decreased from over 60,208 in the first quarter to 57,821 in the second one. This decrease raises concerns for bullish investors, indicating reduced interest from mass market users in conducting transactions. 

Consequently, the ADA price has been on a downtrend, reflecting the impact of the decreased demand. The SEC’s charges against Binance US and Coinbase in early June worsened the cryptocurrency’s situation, which also implicated various crypto assets, including ADA, as potential securities. As a consequence of these regulatory developments, ADA experienced a significant price drop, with ADA’s value dipping on June 9 from $0.318 to $0.238 (25% decline) within a mere 24 hours. This drastic decline further triggered a series of liquidations on DeFi borrowing protocols, exacerbating the crypto market’s uncertainties.

ADA was trading at $0.30 at press time, after a 4.44% increase in the past twenty-four hours.

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