Cryptocurrency whales holding Cardano (ADA) are actively engaged in transactions, with a daily volume of over $1 billion, according to data from cryptocurrency analysis platform IntoTheBlock. This surge in activity has placed ADA in a prominent position in the market. The survey reveals that Cardano whales have been conducting transactions with an average volume of $13.84 billion per day over the past seven days. To put this into perspective, Cardano’s volume is one third of Bitcoin’s, five times that of Litecoin, and more than 16 times that of Dogecoin. Despite this, Cardano’s price has experienced a 3.0% drop in the last 24 hours, with a trading volume of $291.5 million. However, renowned cryptocurrency analyst Ali Martinez believes that an increase in whale activity could potentially boost Bitcoin prices. In addition, Martinez suggests that Cardano may experience a bull run soon based on an analysis of Cardano’s MVRV index. The last time this indicator fell below -22%, Cardano’s price increased by over 75%, indicating the possibility of another impressive recovery for the asset. As always, it is important to note that the views and opinions expressed in this article are for informational purposes only and do not constitute financial advice.
