{"id":570558,"date":"2024-01-21T13:00:32","date_gmt":"2024-01-21T13:00:32","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=570558"},"modified":"2024-01-21T09:24:05","modified_gmt":"2024-01-21T09:24:05","slug":"whales-go-wild-cardano-transactions-surge-11-price-hike-incoming","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/whales-go-wild-cardano-transactions-surge-11-price-hike-incoming\/","title":{"rendered":"Whales Go Wild: Cardano Transactions Surge 11% – Price Hike Incoming?"},"content":{"rendered":"
Cardano (ADA) staged a remarkable performance today, defying prevailing expectations and orchestrating a meteoric rise that propelled it from a relatively unassuming position to a prominent spot within the top 10 cryptocurrencies by market capitalization, courtesy of an impressive 3.6% rally.<\/p>\n
While stalwarts like Bitcoin and Ethereum made incremental movements, Cardano distinguished itself with an unparalleled surge, surpassing its heavyweight counterparts and setting ablaze a bullish sentiment that swept across the crypto community.<\/p>\n
The unforeseen ascent of Cardano has left analysts scrambling for explanations, and a prevailing theory points to an upswing in whale activity. Insights gleaned from IntoTheBlock’s data reveal a staggering 11% surge in cumulative whale volume over the preceding 24 hours.<\/p>\n
<\/p>\n
Cardano Whale Transactions. Source: IntoTheBlock<\/a><\/pre>\nWhale Transaction Numbers Tell A Story<\/strong><\/h2>\n
This surge translates to an astronomical $14.34 billion worth of Cardano changing hands among the titans of the crypto realm, dwarfing the transactional activity witnessed in other leading digital assets. In comparison, Ethereum recorded a comparatively modest $4.21 billion in whale transactions, and Dogecoin struggled to breach the $1 billion mark, further underscoring the dominance of Cardano’s surge in whale participation.<\/p>\n
The surge in Cardano’s whale activity not only fueled its impressive rally but also underscored the growing influence of large-scale investors within the cryptocurrency market. This unexpected turn of events has prompted speculation and discussions within the crypto community regarding the potential catalysts behind such substantial whale engagement.<\/p>\n
<\/p>\n
Bitcoin (BTC) is currently trading at $41.646. Chart: TradingView.com<\/a><\/pre>\nThese numbers tell a clear story: big bucks are betting big on Cardano. The number of whale transactions went from a respectable 5,080 on January 17th to a jaw-dropping 7,910 by the 19th. This sudden influx of institutional interest from deep-pocketed investors suggests a surge of confidence in Cardano’s future, propelling its price upwards and leaving other altcoins in its wake.<\/p>\n
However, amidst the celebratory champagne showers, whispers of caution linger. Cardano’s price<\/a> remains deeply tethered to Bitcoin, meaning a sudden BTC dip could drag ADA down with it. Additionally, with short-term profit-taking a constant threat, especially near the psychologically important $0.67 resistance level, a temporary pullback isn’t off the table.<\/p>\n