Cardano’s On-Chain Whale Transactions Surge, Exerting Significant Influence

• Cardano (ADA), the eighth-largest cryptocurrency, is making notable on-chain whale transactions.
• Cardano’s whale volume ranks second only to Bitcoin, which recorded $33.45 billion in transactions during the same period.
• It stands out as the second-cheapest token among the top 10 cryptocurrencies by market cap, enhancing its attractiveness as an investment option.

Cardano (ADA), currently positioned as the eighth largest cryptocurrency by market capitalization, is making waves not just in its ranking but also through substantial on-chain whale transactions.

Recent data from crypto analytics platform IntoTheBlock reveals that Cardano’s aggregated whale volume in the past 24 hours has exceeded $23.07 billion, marking an 8.37% increase. This places Cardano’s whale volume second only to Bitcoin (BTC), which recorded a large transaction volume of $33.45 billion during the same period.

Cardano’s Allure to Whales

Cardano’s appeal to market whales is evident, given the significant developmental strides made by the protocol. Notably, Cardano stands out as the second-cheapest token among the top 10 largest coins by market cap, trailing only Dogecoin (DOGE). This affordability adds to its attractiveness as a compelling investment option.

IntoTheBlock data further highlights a notable uptick in Cardano whale transactions throughout the week. Large transactions, valued at $100,000 or more, increased from 10,070 on December 11 to 13,140 on December 14.

Maintaining a consistent and high number of whale transactions is a rarity in the cryptocurrency space. Previous data from November 15 showed a total of 4,320 whale transactions on Cardano, with a peak of 16,160 on November 9.

The surge in ADA whale activity underscores the cryptocurrency’s significant influence within the broader Web3 ecosystem. This positive trend aligns with ADA’s recent resurgence, as the digital currency experienced a 2.5% price drop in the past 24 hours, reaching $0.6204.

The continuous presence of whale transactions is expected to bolster market sentiment and contribute to ADA’s resilience across various aspects of the cryptocurrency landscape.