Cardano (ADA) Whales have purchased more than 16 million ADA in the last 24 hours, as whales begin to place buy orders to take advantage of the recent price drops.
crypto analyst Ali MartinezAccording to Cardano addresses, holding between 100,000 and 1 million ADA, recently purchased large amounts of tokens, the developers seem to be taking advantage of the price drop as they work on the ecosystem.
“According to on-chain data obtained by Santiment, addresses holding between 100,000 and 1 million tokens have purchased more than 16 million ADA in the last 24 hours.”
purchase metric, Cardano whale It represents the largest single-day increase in savings in months and comes at a time when data shows that Cardano developer activity has more than doubled against BTC this year, and has recently far surpassed Ethereum.
Last month, Cardano’s trading volume also rose to $12.7 billion in a short time, which represents more than double the $6.3 billion trading volume of Ethereum.
Activity on the Cardano network has increased over time, with the number of daily new addresses created on the cryptocurrency network increasing by 167% on February 18.
ADA pricehas indeed increased its volatility, following the rest of the crypto market. On the other hand, transaction volume and developer activity peaked after the launch of SundaeSwap, which represents 98% of the total value locked into the DeFi ecosystem.
Data from Binance Research shows that Cardano’s GitHub donations increased last November before its mainnet launch. Since then, the number of addresses holding ADA has also increased, reaching an all-time high of 4.53 million last month.
Cardano Price Analysis
In Cardano price, bears have been managing the price function for the past three days, and as the price has been falling continuously, it has significantly damaged its value, dampening the bullish sentiment. The recent downtrend has been quite discouraging over the past week, although the trendline direction has briefly turned up, now the cryptocurrency is under total bearish pressure. However, support was seen on all four charts, giving investors hope.
The price is down to $0.875 today, losing 4.7 percent in the last 24 hours and it could dip even lower. Since March 2, the downward pressure has continued and the trading volume is 8.66 percent lower than the last day.
The moving average (MA) for a one-day chart is at $0.904, but the SMA 20 curve is still trading below the SMA 50 curve. At the same time, Bollinger bands average $0.499 on the 1-day ADA/USD price chart.
On the whole, Cardano bears seem likely to continue to rule a drop that will cause more losses today. The last three days haven’t been looking very supportive for buyers as the price has dropped back to the $0.875 levels.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.