Cardano Whales Shift $6B in One Day: Will ADA Hit $0.5?

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In a notable turn of events, Cardano (ADA) has experienced a rebound of nearly 4% over the last 24 hours, suggesting increased activity among major ADA holders. The week began with a bearish trend for ADA, with prices largely declining. Specifically, ADA’s price dropped about 9.5%, reaching a low of $0.33260. However, the cryptocurrency has since bounced back, recovering approximately 6% from this low point.

This price recovery coincided with a significant increase in transaction volume, particularly from large holders classified as whales. According to data from IntoTheBlock (ITB), the transaction volume reached 17.33 billion ADA, valued at roughly $6 billion.

Significant Increase In Cardano Whale Transactions

The Large Transaction Volume metric from IntoTheBlock gathers data on transactions valued at $100,000 or more. Notably, this metric indicates that whale transactions reached $24.18 billion in the last week, a substantial increase compared to the previous week. A considerable portion of these transactions occurred over the last three days, with $6 billion recorded on October 11 and $5.8 billion on October 10.

The surge in whale activity appears to correlate with ongoing progress within the Cardano ecosystem. A recent report from InputOutput reveals that Cardano has established itself as a key platform for blockchain developers, particularly following recent node upgrades to v.9.2.0 and v.9.2.1. According to InputOutput’s data, there were 1,376 active projects being developed on Cardano by the end of September, highlighting its appeal among blockchain innovators. Additionally, in September, the number of minted native tokens rose by 80,000, while total transactions on the network increased by 1.34 million.

Will ADA Price Reach $0.5 or Decline Again?

The price movement of ADA has come under intense scrutiny in recent weeks, with investor sentiment turning more negative than usual, particularly on social media. Cardano’s creator, Charles Hoskinson, addressed these sentiments on the social media platform X.

Hoskinson clarified that the negative perception does not signify any failure on Cardano’s part, emphasizing that the project continues to develop positively. He also criticized other crypto ecosystems, stating that Cardano is one of the few cryptocurrencies still dedicated to being a genuine decentralized currency, in contrast to those associated with corporate entities like BlackRock and Wall Street.

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Despite the prevailing pessimism, ADA has successfully held a crucial support level at $0.33, providing some reassurance to bullish investors. Furthermore, on-chain metrics, including network growth and positive momentum in the futures market, propose a more optimistic perspective. The recent increase in whale activity may be a sign of the start of a more sustained increase for ADA’s price.