Cardano has hovered around $0.40 for the past week after a brief break above the milestone on March 31. A deep dive into the on-chain data shows that crypto whales remain interested in ADA. How will the Cardano price react?
On Jan 31, Cardano (ADA) announced the launch of its own native Djed stablecoin. A few days after the launch, the native utility coin, ADA, witnessed a sudden spike in the volume of whale transactions.
This development was received with mixed reactions across the crypto community. Bearish investors expected the whale activity to dwindle after the initial few weeks. But now, 3 months on, whale activity has remained steady at high volumes. Will this translate into long-term price gains?
Cardano Whales Have Come to Stay
Cardano whales have maintained intense activity for three consecutive months, according to Santiment.
As the chart below shows, the last time the Cardano whale transaction count slipped below 1,000 was on Feb. 15. Since then, the number of daily transactions exceeding $100,000 has consistently remained above 1,600.
Notably, it has recently surged from 1,654 on March 5, to 2,007 whale transactions recorded as on April 4.
When whale transactions remain persistently high on a network, it is a bullish signal. It indicates increased utility for large-scale transactions. This could boost investor confidence in the network’
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Author: Ibrahim Ajibade
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