Increases in volume of large transactions might suggest rising buying or selling activity
A prominent crypto analyst reports that the volume of large ADA transactions increased to over $21.6 billion. He points out that such market action frequently serves as a proxy for institutional and whaling activity on the Cardano network, indicating how big players can prepare for price volatility.
Large transactions, often greater than $100,000, serve as a proxy for the number of transactions made by whales and institutional investors. The overall amount that whales and institutional players transact in a given day is determined by the volume of these large transactions.
The increase in the volume of large transactions could suggest an increase in buying or selling activity among the big players. Whales and wealthy investors are known to accumulate more during times of bust, opting to buy on the downside.
Cardano among top assets whales are hodling
According to WhaleStats, the top 1,000 BNB wallets it tracks hold a substantial amount of ADA tokens. It reports that these top whales hold nearly $11,815,034 worth of ADA tokens.
Cardano saw a huge increase in on-chain activity, as reported by U.Today, with new addresses up 167%. IOHK, the parent company of Cardano, discussed earlier in the year the potential for onboarding new users after the launch of new dApps.
IOHK said, ”Now, as we enter the Basho stage, we’re investing further energy into optimization and scaling. Building on these foundations, and steadily increasing capacity and throughput to deal with the growth in the DApp ecosystem and onboard first hundreds of thousands, then millions of new users.”
Currently, 492 projects rely on Cardano, according to the latest updates from Tim Harrison, Director of Communications of IOHK. ADA is trading at $1 at press time.
