Massive Whale Activity Witnessed In Cardano Ada According To Ai Research

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Massive Whale Activity Witnessed In Cardano Ada According To Ai Research

Massive Whale Activity Witnessed In Cardano (ADA), According to AI Research

According to the latest research by Santiment, whale activity on the Cardano (ADA) network has increased significantly. As a result, the coin is now consolidating its price movements in the market.

The data reveals that an increase in whale activity was seen since the start of the month. One key indicator which revealed this information was the daily transactions on the Cardano blockchain. The number of transactions was almost up by 460% when compared with the last month.

1700+ Big Transactions On ADA Network

Since the start of February, whale transactions have only increased in amount and frequency. On average, around 1700 transactions valued at $100K are taking place on the ADA network.

Earlier, the average daily transactions that were worth $100K or more was only 300. This is an indication that more long-term buyers are now buying the Cardano (ADA), which is bullish for the coin.

In other words, the market cap of Cardano (ADA) is now increasing and could also help the coin jump up a few places. For now, Cardano (ADA) is placed at the 8th spot on the list of top cryptocurrencies.

Ever since the collapse of FTX, sharps have bought 6593M ADA, which is equal to roughly $235.5 million. According to experts, this increased interest in Cardano (ADA) is a good sign.

However, that doesn't automatically mean everything is good for the Cardano (ADA). For starters, the unique daily addresses that are using the smart contract platform of ADA have declined by 27%.

After all, the only reason why Cardano should have value is its smart contract platform that was supposed to end the Ethereum rule.

But regardless of these shortcomings, the situation surrounding Cardano (ADA) is much better than what it was a few months ago.

On the fundamental front, high-interest rates in the USA and the EU will hurt the prospects of bullish movement in ADA and other cryptocurrencies.

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