Will Cardano network activity by ADA whales fuel a price rally in the Ethereum-killer?


Share:
  • Cardano transactions exceeding $100,000 on the ADA network are on the rise, signaling a spike in interest from whales and institutional investors. 
  • Cardano developers announced that the Ethereum-killer network is going full peer-to-peer, boosting decentralization. 
  • ADA price yielded nearly 8% gains for holders over the past week, with rising whale activity on the blockchain network

Cardano hit an important milestone in its developmental journey going full peer-to-peer with node 1.35.6. Developers called all Staking Pool Operators (SPOs) to get on the testnet and test the speed and efficiency of the Ethereum-killer blockchain network. 

ADA’s rising popularity among institutional investors and large wallet holders could emerge as one of the drivers of the altcoin’s price rally. 

Also read: SEC’s Gary Gensler wants Proof-of-Stake Ethereum to be regulated as a security, will traders turn to ETHW?

Cardano network sees spike in whale activity

Based on data from crypto intelligence tracker IntoTheBlock, the volume of large Cardano transactions exceeding $100,000 is on the rise. The trend indicates that institutional investors and Cardano whales are increasing their engagement with the Ethereum-killer token. 

Cardano network's large volume transactions

Cardano network’s large volume transactions 

While a spike in whale activity is typically considered indicative of a correction in the asset’s price, large volume transactions on ADA network are accompanied by a steady increase in the asset’s price. Over the past week, ADA yielded nearly 8% gains for holders. 

Cardano hits key developmental milestone

Cardano developers at Input Output Global (IOG) announced a boost in the Ethereum-killer’s decentralization with node 1.35.6. A recent tweet by developers called all Cardano Staking Pool Operators (SPOs) to get on the testnet and test the speed and efficiency of the new developmental update. 

Going full peer-to-peer boosts the decentralization of the Cardano blockchain and increases the network’s resilience. 

Interestingly, a key growth metric supports the bullish thesis for Cardano. Total Value Locked (TVL) in Cardano climbed 20% per month Year To Date (YTD). The growing TVL doesn’t factor in projects that are lined up for launch on the ADA network. 

The latest developments in the Cardano ecosystem, including boost in decentralization and rise in interest from institutions is bullish for ADA’s growth. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Polkadot Price Forecast: DOT confirms trend reversal, eyes retest of $5 after reclaiming key hurdle

Polkadot Price Forecast: DOT confirms trend reversal, eyes retest of $5 after reclaiming key hurdle

Polkadot seems to be ending its downtrend after shedding 92.91% in the last two years from its all-time high of $55.09. In the last three days, DOT has inflated by 3.3%, breaching a declining trendline and confirming the potential start of an uptrend.

More Polkadot News

Floki Inu Price Forecast: FLOKI sets stage for 30% rally

Floki Inu Price Forecast: FLOKI sets stage for 30% rally

Floki Inu price rallied nearly 20% on September 30 but closed the candlestick with a 12% gain. The recent uptick opens the possibility of a 30% rally for FLOKI holders.  A daily candlestick close below the $0.0000160 level would invalidate the bullish thesis.

More Floki Inu News

Binance Coin Price Prediction: BNB struggles will end after reclaiming $228

Binance Coin Price Prediction: BNB struggles will end after reclaiming $228

Binance Coin (BNB) price has been in a tight consolidation for nearly six weeks. But the range tightening could end soon, potentially allowing bulls to take over and attempt to flip multiple hurdles standing in their way.

More Binance Coin News

Solana Price Forecast: SOL big picture to flip bullish soon, all eyes on $26

Solana Price Forecast: SOL big picture to flip bullish soon, all eyes on $26

Solana (SOL) price seems to be undoing the bearish pressure that has kept it subdued all this time. The recent spike in buying pressure has pushed SOL to produce a higher high on the three-day chart, signaling a shift in momentum favoring bulls. 

More Solana News

Bitcoin: BTC recovery rally could be bull trap in disguise, here’s why

Bitcoin: BTC recovery rally could be bull trap in disguise, here’s why

Bitcoin (BTC) price remains unfazed even after the multiple spot BTC ETF delays from the US Securities & Exchange Commission (SEC). But investors need to be careful with the ongoing BTC rally as it could be a trap for early bulls.

Read full analysis

BTC

ETH

XRP