Cardano large transactions surges by 32% over the past 24 hours and 138.11% in 7 days. ADA surges by 14.72% over the past day
Cardano’s large transactions have surged by 32% in 24 hours and 138.11% over the past week. What does this mean for the altcoin?The recent price upsurge raises questions about what factors that are driving the price rally. According to AMBCrypto’s analysis, one factor that stands out is the increased interest shown by whales.According to IntoTheBlock data, Cardano’s whale transactions have spiked over the past week.
In context, large transactions involve those that are worth at least $100k. Therefore, a rise in these transactions reflects long-term holder’s perception of the market. Undoubtedly, this increased whale activity reflects the renewed interest in the protocol and a higher demand. Such an increase tends to drive prices up.As expected, the recent increase in whale activities has had a sustained impact on ADA’s price charts. In fact, at the time of writing, ADA was trading at $0.4265. This marked a 14.72% increase over the past day.
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