Cardano Implements Major Update! The Whales are Galloring too! What’s In Store For ADA Price?

2 years ago 145

The post Cardano Implements Major Update! The Whales are Galloring too! What’s In Store For ADA Price? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

The latest upgrade to Cardano’s codebase is now up and running, according to Input Output Global, a software developer team behind the progress of Cardano (ADA) blockchain solutions.

It exits observation mode today, February 19, 2022: it is designed to push the boundaries of Cardano’s power and decentralisation for greater dApp performance.

Cardano’s block size has also grown to 80 kilobytes, according to John Alan Woods, Cardano’s director of architecture.

Rise in Transaction Volume

According to a prominent crypto analyst, the volume of large ADA transactions has surpassed $21.6 billion. He points out that such market action frequently serves as a proxy for institutional and whale activity on the Cardano network, demonstrating how significant players may be bracing for price volatility.

#Cardano | There's been a spike in large $ADA transaction volume, surpassing $21.6 billion.

Such market behavior often acts as a proxy to institutional and whales activity on the #ADA network, pointing to how these players may be positioning themselves for price volatility. pic.twitter.com/LueGKIetim

— Ali Martinez (@ali_charts) February 18, 2022

The frequency of transactions made by whales and institutional investors is proxied by large transactions, which are generally more than $100,000. The volume of these massive transactions determines the aggregate amount that whales and institutional players transact in a given day.

Increases in the volume of major transactions could indicate that large players are buying or selling more. During instances of collapse, whales and wealthy investors have been known to stockpile more, opting for dip-buying.

The top 1,000 BNB wallets tracked by WhaleStats own a significant quantity of ADA tokens, according to the company. According to the data, these top whales own almost $11,815,034 in ADA tokens.

Cardano saw a massive rise in on-chain activity, with new addresses increasing by 167 percent. Cardano’s parent firm, IOHK, highlighted the possibility of onboarding additional users after the launch of new dApps earlier this year.

Cardano Price Action

Simultaneously, the price of Cardano (ADA) falls to its lowest level since mid-February 2021. On various spot exchanges, ADA is currently trading at $0.98, the lowest price since February 23, 2021.

As a result, the ADA price has dropped by more than 66 percent from its all-time high of almost $3 in September 2021.

Read Entire Article