16.2 C
30 May 2024
Image default

Cardano (ADA) Whale Transaction Jumps 6% As Bulls Eyes $0.5 Retest

Cardano (ADA) is in a vantage position to upturn its bearish trend as some of its core on-chain metrics are in the green. Per data from the crypto analytics platform IntoTheBlock (ITB), Cardano’s large transactions and daily active addresses have recorded upticks.

Cardano Bullish Metrics Highlight

Per the IntoTheBlock data, Cardano whale transactions jumped by 5.77% in 24 hours with a total of $10.61 billion traded. ITB defines large transactions as those with a value of at least $100,000. Per the data, the actual count of these large transactions soar from 4,090 on May 9 to at least 5,120 on May 10.

Cardano Whale Transaction Count
Cardano Whale Transaction Count. Source: IntoTheBlock

It is worth noting that Cardano is known to record such large transactions linked to its whales. A broader overview of the ITB data shows that besides Bitcoin, Cardano ranks second coin with large whale transactions. While Cardano boasts of $10.61 billion in this metric, Ethereum has only recorded $3.76 billion with a more than 3% slump in the same time span.

Cardano’s versatility is even judged considering the coin’s performance when compared to top stablecoins like USD Coin (USDC). Within the same time span, USDC has only recorded $6.49 billion in its total large transactions, down 19.93% in 24 hours.

These large transactions are a testament to Cardano’s blockchain uniqueness. The transactions comes as a vote of confidence from highly liquid traders. This backing might help return a bullish rally back into the Cardano network. At the time of writing, the coin is down by 1.59% in 24 hours to $0.4395. The digital currency has recorded a highly volatile week with mostly bearish days.

Whale accumulation amidst these bearish trend shows ADA’s establishment, a feature that can trigger a major reboot.

Active Addresses and Ecosystem Update

Another major insight the IntoTheBlock data shared was the address activity on Cardano. This metric shows a 9.14% surge to 30,640, a figure that is higher than that of Shiba Inu (SHIB) and Toncoin (TON) respectively.

That more people are using Cardano at a time when the price is low underscores how many are convinced about its utility. Founder Charles Hoskinson remains bullish about the project’s roadmap and is often teasing new upgrades coming to the mainnet.

One of the latest updates in the Cardano ecosystem is the onboarding of a Chief Technology Officer (CTO) Giorgio Zinetti to scale the product pipeline. Overall, ADA’s attractive is showcased beyond its current price trajectory despite bulls targeting $0.5 mark amid flashing buy signal.

Read More: Long-Term Holders Not Selling Bitcoin Following Peak At $73K

The post Cardano (ADA) Whale Transaction Jumps 6% As Bulls Eyes $0.5 Retest appeared first on CoinGape.

Related posts

Bakkt Drops Massive Crypto Prediction: Total Market Cap To Hit $1 Trillion


Jed McCaleb Shifts 11.4 Mln XRP While XRP Liquidity Indexes Fail to Reach New ATHs


Tezos Chart Analysis: XRZ/USD Focused On Breaking Range Resistance As $3.0 Draws Nigh

Verified by MonsterInsights