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Blockchain

Whales increase activity on Cardano as on-chain volume increases by 369% YTD

June 5, 2022 - Around 2 mins mins to read
On-chain data provider Santiment caught the attention of followers as the number of whale transactions increased on the Cardano blockchain. In a recent tweet, Santiment shared that ADA traded nearly 6% higher on Friday, while the number of large whale trades began to increase on the Cardano chain.
Whales increase activity on Cardano as on-chain volume increases by 369% YTD

Santiment believes that these trades were caused by whales accumulating the ADA dip, triggering the price to rise.

Cardano founder Charles Hoskinson recently shared a tweet that includes a CoinMetrics chart depicting the daily on-chain transfer volume of various blockchains, including Cardano.

Data indicates that Cardano has seen an increase in the on-chain volume of up to 369% year-to-date against the backdrop of other blockchains, including Bitcoin, Ethereum, Dogecoin, and Algorand, down 15%, 49%, 79%, and 82%, respectively.

Earlier in the week, Cardano hit a major milestone as the number of NFTs issued on the blockchain surpassed 5 million. At the same time, the price of ADA increased by about 12%. At the time of writing, ADA is trading at $0.56, according to data from CoinCu.

Screen Shot 2022 06 05 at 4.19.05 PM
ADA daily chart. Source: CoinCu

According to IOHK’s most recent weekly development update, preparations for the Vasil Hard Fork are in the final stages.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

ADA

Cardano

Charles Hoskinson

IOHK

Santiment

Vasil Hard Fork

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
Blockchain

Whales increase activity on Cardano as on-chain volume increases by 369% YTD

On-chain data provider Santiment caught the attention of followers as the number of whale transactions increased on the Cardano blockchain. In a recent tweet, Santiment shared that ADA traded nearly 6% higher on Friday, while the number of large whale trades began to increase on the Cardano chain.
Whales increase activity on Cardano as on-chain volume increases by 369% YTD

Santiment believes that these trades were caused by whales accumulating the ADA dip, triggering the price to rise.

Cardano founder Charles Hoskinson recently shared a tweet that includes a CoinMetrics chart depicting the daily on-chain transfer volume of various blockchains, including Cardano.

Data indicates that Cardano has seen an increase in the on-chain volume of up to 369% year-to-date against the backdrop of other blockchains, including Bitcoin, Ethereum, Dogecoin, and Algorand, down 15%, 49%, 79%, and 82%, respectively.

Earlier in the week, Cardano hit a major milestone as the number of NFTs issued on the blockchain surpassed 5 million. At the same time, the price of ADA increased by about 12%. At the time of writing, ADA is trading at $0.56, according to data from CoinCu.

Screen Shot 2022 06 05 at 4.19.05 PM
ADA daily chart. Source: CoinCu

According to IOHK’s most recent weekly development update, preparations for the Vasil Hard Fork are in the final stages.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News