Cardano Sees Massive 27 Billion ADA Whale Transactions Amid Price Drop

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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U. Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Cardano, the eighth largest cryptocurrency by market capitalization, has seen a massive 27 billion ADA in large transaction volume. According to IntoTheBlock, Cardano’s daily large transaction volume was 27.59 billion ADA, up from the previous day’s record of 26.9 billion ADA.

IntoTheBlock classifies large transactions as those involving transfers of more than $100,000. In this scenario, the large transaction volume metric represents the total amount of cryptocurrency moved in such transactions.

That said, large transaction volumes provide an estimate of the overall amount transacted by whales and institutional participants on a particular day.

Since whales are large investors who own a significant amount of a cryptocurrency, the sustained interest by this category of holders may be a hint of positive things to come if the broader market stabilizes.

In essence, market sentiment has slowed down after the ETF listings, and ADA is mirroring the general market trend.

ADA touched highs of $0.619 on Jan. 11 and has declined since then. Cardano’s ADA coin was last trading near $0.493, a 5% drop on a 24-hour basis.

Cardano builder Input Output Global (IOG) has taken to X (formerly Twitter) to celebrate the birthday of George Gordon Byron (Lord Byron), father to Ada Lovelace, who served as an inspiration for Cardano’s first development phase.

Cardano’s narrative began in 2015 with a vision to address the three key concerns that all blockchain networks face: scalability, sustainability and interoperability. Two years, thousands of GitHub commits and hundreds of hours of research later, the first version of Cardano, Cardano Byron, was released in September 2017.

The Byron reboot updated numerous Cardano network components, including the Cardano node, the Cardano explorer and the wallet backend, as well as delivering Daedalus, IOG’s official desktop wallet. Yoroi, a light wallet from EMURGO based on IOG’s original development effort, was also released alongside other innovations.