$6 Billion Cardano (ADA) in 24 Hours: Here’s What’s Happening

Cardano

With a $6 billion huge transaction volume recorded, Cardano (ADA), the 11th-largest cryptocurrency by market capitalisation, is showing signs of whale behaviour.

Cardano’s massive transaction volume in the previous 24 hours reached $6.08 billion, or $17.71 billion ADA in cryptocurrency, according to IntoTheBlock statistics.

The whole amount that whales and institutional participants trade on a given day is estimated by the Large Transaction Volume indicator. Increases in the volume of large transactions signify increased whale activity in terms of both purchasing and selling.

Cardano saw a resurgence after hitting $0.3 lows on September 6. For three days, the rebound persisted, and the price of ADA hit highs of $0.348. As of this writing, Cardano’s price has somewhat decreased, rising 0.41% over the past day to $0.34, but still rising 6% each week.

Cardano launches core governance tool

Cardano GovTool, a new tool for the Cardano community, has been released by Intersect, a member-based organisation for the Cardano ecosystem. It is now accessible on the Cardano mainnet. Because it is made to work with the governance architecture described in CIP-1694, this central governance tool represents a significant advancement for Cardano’s decentralised governance system.

For the Cardano ecosystem, this release is a major turning point. With the formal transfer of power over to ADA holders, the platform’s destiny is now firmly in their hands.

https://x.com/IntersectMBO/status/1833434041762128090

Intersect reports that the Cardano network had an increase of 1,586 unique delegators, 1,765 total vote delegations, 49 total DRep votes, and 115 total DRep registrations in the first ninety-six hours after the Cardano GovTool was online.

On September 1, Cardano successfully launched the Chang 1 update.

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