{"id":632794,"date":"2024-08-02T15:30:05","date_gmt":"2024-08-02T15:30:05","guid":{"rendered":"https:\/\/ktsl888.com\/?p=632794"},"modified":"2024-08-02T10:46:58","modified_gmt":"2024-08-02T10:46:58","slug":"cardano-ethereum-120-million-ada","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/cardano\/cardano-ethereum-120-million-ada\/","title":{"rendered":"Cardano Goes Toe-To-Toe With Ethereum As Whales Scoop Up 120 Million ADA"},"content":{"rendered":"

Cardano (ADA)<\/span><\/a> is currently competing with Ethereum in terms of large transaction volume. This is undoubtedly a positive development for the ADA ecosystem, especially since it indicates a wave of accumulation <\/span>among the token\u2019s large holders<\/span><\/a>.\u00a0<\/span><\/p>\n

Cardano Matches Ethereum In Large Transaction Volume<\/h2>\n

Data<\/span><\/a> from the market intelligence platform <\/span>IntoTheBlock<\/span><\/a> shows that Cardano is witnessing a similar large transaction volume as Ethereum. In the last 24 hours, Cardano recorded a large transaction volume of $6.7 billion, while <\/span>Ethereum<\/span><\/a> witnessed a large transaction volume of $6.71 billion.\u00a0<\/span><\/p>\n

Related Reading: Why Did This Crypto Whale Spend $400 Million Buying Bitcoin Yesterday?<\/a><\/div>\n

This development suggests that <\/span>Cardano whales<\/span><\/a> have been active these past few days as they look to add more tokens to their positions, especially with the market currently on a dip and as these investors anticipate the much-awaited price rally from ADA. Further <\/span>data<\/span><\/a> from <\/span>IntoTheBlock<\/span><\/a> confirms this, as there has been an over 15% increase in large holders\u2019 net flow over the last seven days.\u00a0<\/span><\/p>\n

\"Cardano\"
Source: IntoTheBlock<\/figcaption><\/figure>\n

Data from the <\/span>on-chain analytics platform Santiment<\/span><\/a> also shows that Cardano whales have added to their positions. These investors, wallets holding between 100,000 and 10 million ADA tokens, collectively bought 120 million ADA tokens between July 17 and August 1. These wallets now hold over 5.69 billion ADA tokens.\u00a0<\/span><\/p>\n

An increase in whale activity presents a bullish outlook for the Cardano ecosystem. These investors could influence market prices, and these purchases could spark a significant surge in ADA\u2019s price. This will provide a much-needed boost for Cardano, seeing how the crypto token has underperformed since the start of the year.\u00a0<\/span><\/p>\n

Cardano has a year-to-date (YTD) loss of over 35% and is one of the most shorted altcoins, thanks to this unimpressive price action. However, Santiment has <\/span>suggested<\/span><\/a> that a massive turnaround for the crypto token cannot be ruled out since Cardano being heavily shorted increases the \u201cchances of <\/span>liquidations leading to pumps<\/span><\/a>.\u201d The on-chain analytics platform <\/span>claimed<\/span><\/a> these liquidations could act as \u201crocket fuel\u201d for a price rally for Cardano.<\/span><\/p>\n

\"Cardano
Source: Santiment<\/figcaption><\/figure>\n

What Will Eventually Spark That ADA Rally?<\/h2>\n

Cardano<\/span> has failed to enjoy any significant rally despite several bullish developments in its ecosystem this year. The most recent bullish fundamental was the news that the US <\/span>Securities and Exchange Commission<\/span><\/a> (SEC) no longer considers ADA a security following the <\/span>amendment of its complaint<\/span><\/a> against Binance.\u00a0<\/span><\/p>\n

Related Reading: Crypto Analyst Says Dogecoin Price Will Rise Over 7,200% To Reach $10, Here\u2019s Why<\/a><\/div>\n

Meanwhile, the <\/span>Chang Hard Fork<\/span><\/a> is underway as Cardano transitions to the Voltaire era and ushers in its most advanced governance system. It is worth mentioning that ADA\u2019s price maintained a tepid price movement following the release of node validator software, version 9.1.0, which incorporates the <\/span>Chang Hard Fork<\/span><\/a>.<\/span><\/p>\n

As such, Cardano\u2019s price action begs the question of what needs to happen for the crypto token to finally witness that much-anticipated price rally and catch up with the rest of the major cap tokens in terms of YTD gains.\u00a0<\/span><\/p>\n

At the time of writing, Cardano is trading at around $0.38, down in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n

\"Cardano
ADA price continues to struggle | Source: ADAUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Cardano (ADA) is currently competing with Ethereum in terms of large transaction volume. This is undoubtedly a positive development for the ADA ecosystem, especially since it indicates a wave of accumulation among the token\u2019s large holders.\u00a0 Cardano Matches Ethereum In Large Transaction Volume Data from the market intelligence platform IntoTheBlock shows that Cardano is witnessing a similar large transaction volume as Ethereum. In the last 24 hours, Cardano recorded a large transaction volume of $6.7 billion, while Ethereum witnessed a large transaction volume of $6.71 billion.\u00a0 Related Reading: Why Did This Crypto Whale Spend $400 Million Buying Bitcoin Yesterday? This development suggests that Cardano whales have been active these past few days as they look to add more tokens to their positions, especially with the market currently on a dip and as these investors anticipate the much-awaited price rally from ADA. Further data from IntoTheBlock confirms this, as there has been an over 15% increase in large holders\u2019 net flow over the last seven days.\u00a0 Data from the on-chain analytics platform Santiment also shows that Cardano whales have added to their positions. These investors, wallets holding between 100,000 and 10 million ADA tokens, collectively bought 120 million ADA tokens between July 17 and August 1. These wallets now hold over 5.69 billion ADA tokens.\u00a0 An increase in whale activity presents a bullish outlook for the Cardano ecosystem. These investors could influence market prices, and these purchases could spark a significant surge in ADA\u2019s price. This will provide a much-needed boost for Cardano, seeing how the crypto token has underperformed since the start of the year.\u00a0 Cardano has a year-to-date (YTD) loss of over 35% and is one of the most shorted altcoins, thanks to this unimpressive price action. However, Santiment has suggested that a massive turnaround for the crypto token cannot be ruled out since Cardano being heavily shorted increases the \u201cchances of liquidations leading to pumps.\u201d The on-chain analytics platform claimed these liquidations could act as \u201crocket fuel\u201d for a price rally for Cardano. What Will Eventually Spark That ADA Rally? Cardano has failed to enjoy any significant rally despite several bullish developments in its ecosystem this year. The most recent bullish fundamental was the news that the US Securities and Exchange Commission (SEC) no longer considers ADA a security following the amendment of its complaint against Binance.\u00a0 Related Reading: Crypto Analyst Says Dogecoin Price Will Rise Over 7,200% To Reach $10, Here\u2019s Why Meanwhile, the Chang Hard Fork is underway as Cardano transitions to the Voltaire era and ushers in its most advanced governance system. It is worth mentioning that ADA\u2019s price maintained a tepid price movement following the release of node validator software, version 9.1.0, which incorporates the Chang Hard Fork. As such, Cardano\u2019s price action begs the question of what needs to happen for the crypto token to finally witness that much-anticipated price rally and catch up with the rest of the major cap tokens in terms of YTD gains.\u00a0 At the time of writing, Cardano is trading at around $0.38, down in the last 24 hours, according to data from CoinMarketCap.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":632818,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16896],"tags":[12333,89347,84005,14643,79508,12332,89230,12329,8323,89213,16163,1946,7931,6931,8686,78803,14781],"class_list":["post-632794","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cardano","tag-ada","tag-ada-news","tag-ada-price","tag-adausd","tag-adausdt","tag-cardano","tag-cardano-news","tag-cardano-price","tag-eth","tag-eth-news","tag-eth-price","tag-ethereum","tag-ethereum-news","tag-ethereum-price","tag-ethusd","tag-ethusdt","tag-whales"],"acf":[],"yoast_head":"\nCardano Goes Toe-To-Toe With Ethereum As Whales Scoop Up 120 Million ADA<\/title>\n<meta name=\"description\" content=\"Cardano (ADA) is currently competing with Ethereum in terms of 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