These whales, or investors who hold large amounts of ADA, have started ramping up their activity, sparking excitement among other investors.
With ADA’s recent price boost, the token has moved back into the top 10 cryptocurrencies by market value, knocking out Toncoin (TON) from that spot. At the moment of publishing this article, $ADA is trading at around $0.4283.
Whale Activity Heats Up
In the past 24 hours, whale transactions involving Cardano have skyrocketed by almost 32%, according to crypto analytics platform IntoTheBlock. These whale transactions include trades worth $100,000 or more. In total, ADA transactions hit a value of $7.4 billion, translating to over 21 billion ADA tokens changing hands. This sudden interest from whales is like fuel to the fire, adding to the excitement that ADA could be on the brink of another rally.
#ADA Santiment: Cardano topped $0.43 for the first time since July. Activity is strong, with 697 ADA whale transactions >$100,000 and 37,892 unique address transactions – highs since September 4. pic.twitter.com/IKj7T17ryP
— CryptoLens.News (@cryptolens_news) November 8, 2024
Why are these whale movements a big deal? Large transactions show that big investors have their eyes on ADA, which could signal further gains if the trend continues. ADA’s price has mostly stayed between $0.32 and $0.39 in recent weeks, but this current momentum might finally help it break past $0.4, a level it hasn’t seen since July.
The Bigger Picture: Cardano’s Growth Plans
Cardano’s ecosystem has been growing, thanks to constant updates from its development team led by Charles Hoskinson . One of the most exciting updates is the upcoming “Chang hard fork.” This upgrade aims to make Cardano’s blockchain stronger and more adaptable, which is music to the ears of those betting on ADA’s future.
ADA Stats 11-07-24
🔐 New Addresses: 1,321
🔗 Active Addresses: 17,459
📈 New Transactions: 65,395
🔄 Avg Block Load: 33.5%
💰 Total Value Locked: $233,219,336.85
🐋 Whales: 314 #Cardano #ADA #Blockchain— ADAStats (@StatsAda) November 8, 2024
Another major development is Cardano’s new connection to Bitcoin’s network. This cross-bridge link will allow Cardano to tap into Bitcoin’s massive liquidity or cash flow, making it easier to trade and invest across both networks. Crypto analyst Dan Gambardello believes this partnership with Bitcoin could be a game changer for Cardano, possibly making it more popular and valuable.
🧵 WOTS: Bridging the Stateless Gap for Bitcoin?
Bitcoin’s blockchain is inherently stateless. But can we enable stateful operations, like verifying ZK proofs, on it?
The key lies in cryptographic signatures—specifically Winternitz One-Time Signatures (WOTS). 🔐💡 pic.twitter.com/ZKK5RXNTJM
— BitcoinOS (@BTC_OS) November 7, 2024
What’s Next for Cardano?
With the whales in action and these big updates on the horizon, Cardano’s future is looking bright. The price jump has already shown how much interest there is in ADA, and if it can break the $0.4 barrier, we could see even more gains. However, as with any investment, it’s best to keep an eye on the market and stay informed.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
