The recent cryptocurrency market downturn has many investors worried about a replay of the turbulent year of 2022, but the high volume of large Cardano (ADA) transactions may be a healthy sign for the eighth-largest cryptocurrency by market capitalization.
As it happens, the number of Cardano whale and shark transactions since the beginning of February has been recording a massive uptick, according to the new ‘State of Cardano’ report published by the on-chain and social metrics platform Santiment on February 14.
Specifically, Cardano transactions valued at $100,000 and more were averaging 1,700 trades per day since the start of February, a 467% growth from the average 300 transactions a day that took place throughout January, a positive sign.
In the meantime, whale and shark addresses holding between 10,000 and 10 million ADA have accumulated a joint 659.53 million ADA, worth $235.5 million at the time of publication, since the collapse of the crypto trading platform FTX on November 9, 2023, the report said.
Cardano price analysis
As things stand, Cardano’s native token has been recording modest daily gains of 2.62%, as it is currently changing hands at the price of $0.36. At the same time, this price represents a decline of 5.3% across the previous week but still an increase of 3.07% over the past month, as the charts demonstrate.
In addition to the major boost in the number of large transactions, any Cardano recovery will depend on multiple factors, including the general atmosphere of the crypto and macroeconomic landscape, as well as the positive developments surrounding the ecosystem, such as the Valentine upgrade on February 14.
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