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Cardano (ADA) has recently surged to remarkable heights in whale activity, with a staggering average daily transaction volume of $13.84 billion over the past week, as reported by IntoTheBlock. This influx of large transactions places Cardano's activity at one-third of Bitcoin's current volume, surpassing Litecoin by a striking 500% and outpacing Dogecoin by an astonishing 1,600%.
Delving deeper into the on-chain data reveals a dynamic landscape of fluctuating volumes. Despite a slight decline from its peak of 27.67 billion ADA (equivalent to $14.08 billion), the volume of large transactions remains formidable at 23.22 billion ADA (equivalent to $10.87 billion).
Cardano whales are busy, with an average large transaction volume of $13.84B a day in the last 7 days.
— IntoTheBlock (@intotheblock) April 29, 2024
For comparison, this is a third of Bitcoin's current volume, 5x as much as Litecoin's volume and over 16x that of Dogecoin! pic.twitter.com/xU2XMoEQbM
Remarkably, this still represents a substantial increase of almost 700 million ADA (nearly $350 million) from previous levels.
Cardano (ADA) price outlook
However, amid this surge in whale activity, the price of ADA has taken a hit. Experiencing a decline of over 7.8% in the past week alone, the Cardano token opened the new week with continued downward momentum, currently resting at $0.4543 per token.
Despite the impressive volume of whale transactions, it appears that this surge has not translated into a corresponding surge in the token's market value.
The divergence between on-chain activity and market sentiment raises questions about the underlying factors driving Cardano's recent surge in whale activity and how it will affect the token's price.