{"id":632794,"date":"2024-08-02T15:30:05","date_gmt":"2024-08-02T15:30:05","guid":{"rendered":"https:\/\/wncen.com\/?p=632794"},"modified":"2024-08-02T10:46:58","modified_gmt":"2024-08-02T10:46:58","slug":"cardano-ethereum-120-million-ada","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/cardano\/cardano-ethereum-120-million-ada\/","title":{"rendered":"Cardano Goes Toe-To-Toe With Ethereum As Whales Scoop Up 120 Million ADA"},"content":{"rendered":"

Cardano (ADA)<\/span><\/a> is currently competing with Ethereum in terms of large transaction volume. This is undoubtedly a positive development for the ADA ecosystem, especially since it indicates a wave of accumulation <\/span>among the token\u2019s large holders<\/span><\/a>.\u00a0<\/span><\/p>\n

Cardano Matches Ethereum In Large Transaction Volume<\/h2>\n

Data<\/span><\/a> from the market intelligence platform <\/span>IntoTheBlock<\/span><\/a> shows that Cardano is witnessing a similar large transaction volume as Ethereum. In the last 24 hours, Cardano recorded a large transaction volume of $6.7 billion, while <\/span>Ethereum<\/span><\/a> witnessed a large transaction volume of $6.71 billion.\u00a0<\/span><\/p>\n

Related Reading: Why Did This Crypto Whale Spend $400 Million Buying Bitcoin Yesterday?<\/a><\/div>\n

This development suggests that <\/span>Cardano whales<\/span><\/a> have been active these past few days as they look to add more tokens to their positions, especially with the market currently on a dip and as these investors anticipate the much-awaited price rally from ADA. Further <\/span>data<\/span><\/a> from <\/span>IntoTheBlock<\/span><\/a> confirms this, as there has been an over 15% increase in large holders\u2019 net flow over the last seven days.\u00a0<\/span><\/p>\n

\"Cardano\"
Source: IntoTheBlock<\/figcaption><\/figure>\n

Data from the <\/span>on-chain analytics platform Santiment<\/span><\/a> also shows that Cardano whales have added to their positions. These investors, wallets holding between 100,000 and 10 million ADA tokens, collectively bought 120 million ADA tokens between July 17 and August 1. These wallets now hold over 5.69 billion ADA tokens.\u00a0<\/span><\/p>\n

An increase in whale activity presents a bullish outlook for the Cardano ecosystem. These investors could influence market prices, and these purchases could spark a significant surge in ADA\u2019s price. This will provide a much-needed boost for Cardano, seeing how the crypto token has underperformed since the start of the year.\u00a0<\/span><\/p>\n

Cardano has a year-to-date (YTD) loss of over 35% and is one of the most shorted altcoins, thanks to this unimpressive price action. However, Santiment has <\/span>suggested<\/span><\/a> that a massive turnaround for the crypto token cannot be ruled out since Cardano being heavily shorted increases the \u201cchances of <\/span>liquidations leading to pumps<\/span><\/a>.\u201d The on-chain analytics platform <\/span>claimed<\/span><\/a> these liquidations could act as \u201crocket fuel\u201d for a price rally for Cardano.<\/span><\/p>\n

\"Cardano
Source: Santiment<\/figcaption><\/figure>\n

What Will Eventually Spark That ADA Rally?<\/h2>\n

Cardano<\/span> has failed to enjoy any significant rally despite several bullish developments in its ecosystem this year. The most recent bullish fundamental was the news that the US <\/span>Securities and Exchange Commission<\/span><\/a> (SEC) no longer considers ADA a security following the <\/span>amendment of its complaint<\/span><\/a> against Binance.\u00a0<\/span><\/p>\n

Related Reading: Crypto Analyst Says Dogecoin Price Will Rise Over 7,200% To Reach $10, Here\u2019s Why<\/a><\/div>\n

Meanwhile, the <\/span>Chang Hard Fork<\/span><\/a> is underway as Cardano transitions to the Voltaire era and ushers in its most advanced governance system. It is worth mentioning that ADA\u2019s price maintained a tepid price movement following the release of node validator software, version 9.1.0, which incorporates the <\/span>Chang Hard Fork<\/span><\/a>.<\/span><\/p>\n

As such, Cardano\u2019s price action begs the question of what needs to happen for the crypto token to finally witness that much-anticipated price rally and catch up with the rest of the major cap tokens in terms of YTD gains.\u00a0<\/span><\/p>\n

At the time of writing, Cardano is trading at around $0.38, down in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n

\"Cardano
ADA price continues to struggle | Source: ADAUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Cardano (ADA) is currently competing with Ethereum in terms of large transaction volume. This is undoubtedly a positive development for the ADA ecosystem, especially since it indicates a wave of accumulation among the token\u2019s large holders.\u00a0 Cardano Matches Ethereum In Large Transaction Volume Data from the market intelligence platform IntoTheBlock shows that Cardano is witnessing a similar large transaction volume as Ethereum. In the last 24 hours, Cardano recorded a large transaction volume of $6.7 billion, while Ethereum witnessed a large transaction volume of $6.71 billion.\u00a0 Related Reading: Why Did This Crypto Whale Spend $400 Million Buying Bitcoin Yesterday? This development suggests that Cardano whales have been active these past few days as they look to add more tokens to their positions, especially with the market currently on a dip and as these investors anticipate the much-awaited price rally from ADA. Further data from IntoTheBlock confirms this, as there has been an over 15% increase in large holders\u2019 net flow over the last seven days.\u00a0 Data from the on-chain analytics platform Santiment also shows that Cardano whales have added to their positions. These investors, wallets holding between 100,000 and 10 million ADA tokens, collectively bought 120 million ADA tokens between July 17 and August 1. These wallets now hold over 5.69 billion ADA tokens.\u00a0 An increase in whale activity presents a bullish outlook for the Cardano ecosystem. These investors could influence market prices, and these purchases could spark a significant surge in ADA\u2019s price. This will provide a much-needed boost for Cardano, seeing how the crypto token has underperformed since the start of the year.\u00a0 Cardano has a year-to-date (YTD) loss of over 35% and is one of the most shorted altcoins, thanks to this unimpressive price action. However, Santiment has suggested that a massive turnaround for the crypto token cannot be ruled out since Cardano being heavily shorted increases the \u201cchances of liquidations leading to pumps.\u201d The on-chain analytics platform claimed these liquidations could act as \u201crocket fuel\u201d for a price rally for Cardano. What Will Eventually Spark That ADA Rally? Cardano has failed to enjoy any significant rally despite several bullish developments in its ecosystem this year. The most recent bullish fundamental was the news that the US Securities and Exchange Commission (SEC) no longer considers ADA a security following the amendment of its complaint against Binance.\u00a0 Related Reading: Crypto Analyst Says Dogecoin Price Will Rise Over 7,200% To Reach $10, Here\u2019s Why Meanwhile, the Chang Hard Fork is underway as Cardano transitions to the Voltaire era and ushers in its most advanced governance system. It is worth mentioning that ADA\u2019s price maintained a tepid price movement following the release of node validator software, version 9.1.0, which incorporates the Chang Hard Fork. As such, Cardano\u2019s price action begs the question of what needs to happen for the crypto token to finally witness that much-anticipated price rally and catch up with the rest of the major cap tokens in terms of YTD gains.\u00a0 At the time of writing, Cardano is trading at around $0.38, down in the last 24 hours, according to data from CoinMarketCap.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":632818,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16896],"tags":[12333,89347,84005,14643,79508,12332,89230,12329,8323,89213,16163,1946,7931,6931,8686,78803,14781],"class_list":["post-632794","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cardano","tag-ada","tag-ada-news","tag-ada-price","tag-adausd","tag-adausdt","tag-cardano","tag-cardano-news","tag-cardano-price","tag-eth","tag-eth-news","tag-eth-price","tag-ethereum","tag-ethereum-news","tag-ethereum-price","tag-ethusd","tag-ethusdt","tag-whales"],"acf":[],"yoast_head":"\nCardano Goes Toe-To-Toe With Ethereum As Whales Scoop Up 120 Million ADA<\/title>\n<meta name=\"description\" content=\"Cardano (ADA) is currently competing with Ethereum in terms of 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Cardano Goes Toe-To-Toe With Ethereum As Whales Scoop Up 120 Million ADA","url":"http:\/\/wncen.com\/news\/cardano\/cardano-ethereum-120-million-ada\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/cardano\/cardano-ethereum-120-million-ada\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/Cardano.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/Cardano.jpeg?fit=1792%2C1024"},"articleSection":"Cardano","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ada","ada news","ada price","adausd","adausdt","cardano","cardano news","cardano price","eth","eth news","eth price","ethereum","ethereum news","ethereum price","ethusd","ethusdt","whales"],"dateCreated":"2024-08-02T15:30:05Z","datePublished":"2024-08-02T15:30:05Z","dateModified":"2024-08-02T15:30:05Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Cardano Goes Toe-To-Toe With Ethereum As Whales Scoop Up 120 Million ADA\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/cardano\\\/cardano-ethereum-120-million-ada\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/cardano\\\/cardano-ethereum-120-million-ada\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Cardano.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Cardano.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Cardano\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ada\",\"ada news\",\"ada price\",\"adausd\",\"adausdt\",\"cardano\",\"cardano news\",\"cardano price\",\"eth\",\"eth news\",\"eth price\",\"ethereum\",\"ethereum news\",\"ethereum price\",\"ethusd\",\"ethusdt\",\"whales\"],\"dateCreated\":\"2024-08-02T15:30:05Z\",\"datePublished\":\"2024-08-02T15:30:05Z\",\"dateModified\":\"2024-08-02T15:30:05Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/Cardano.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/632794"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=632794"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/632794\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/632818"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=632794"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=632794"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=632794"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}