The Cardano ADA token has seen a relative increase in its trading activities as there appears to be continuous market behavior between buyers and sellers on the blockchain.
According to Ali Martinez, a leading crypto expert, there are indications that the volume of trade involving large ADA tokens has shot up and surpassed $21.6 billion. Part of this trend has to do with the activities of whales or investors’ actions in the market where large buying or selling activity is taking place.
Martinez also points out that market activities like this more often serve as the basis for rallies and whale action on the Cardano network. He also revealed that this might indicate whales are about to pounce on discount prices once price instability occurs.
The crypto analyst believes that huge transactions above $100,000 represent the combined number of trades performed by whales and other industry investors. The number of transactions points to the total amount of transactions that whales and investors carried out at a particular time.
Martinez, however, stated that an increase in the volume of trade might indicate a recurring buying and selling activity among top players in the industry. Alternatively, whales and wealthy investors use the dip periods when prices are at their lowest to buy and accumulate.
Whales’ Hodling of Top Assets
The crypto data tracking firm, WhaleStats, has revealed that among the 1,000 crypto wallets it tracked, a relatively large number of ADA tokens are among the greatest assets in the possessions of whales. The data seems to justify the position held by others about the way whales accumulate tokens to further their market dominance.
Cardano had experienced a flurry of activity on its on-chain network, with new addresses added, seeing its rise by 167% in a couple of days. Following the launch of the new dApps protocol on the Cardano blockchain network, the management team of Cardano predicts the coming of new users to the latest protocol.
According to IOHK, Cardano’s parent company, the Basho stage is the stage where further work is needed to boost the optimization and scaling of the Cardano blockchain network. Developing the foundational frameworks and improving the existing capacity and output to handle the expected growth in the dApp system is the first step to take.
Moreover, the company believes that onboarding new users in their hundreds, followed by thousands and then millions, is its goal for the Cardano blockchain network. Making the most out of the market is the goal of the Cardano team.
At present, the total number of projects on the Cardano blockchain is 492, according to the latest updates released by the IOHK’s director of communication, Tim Harrison, on the ongoing work on the projects. More projects are expected to be launched shortly after completing the existing ones.
Cardano ADA is presently trading at $1 when going to press, indicating that a more bullish market move is needed before ADA can regain its previous value.
