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Cardano Transactions Rising: Whales and Institutions Moving Large Amounts of ADA

Last Updated December 6, 2023 3:35 PM
Josh Adams
Last Updated December 6, 2023 3:35 PM
Key Takeaways
  • Cardano has had a good few weeks, after what has been a rocky 2023.
  • Large transactions are up, signaling interest from whales and institutions.
  • This correlates with a broader upswing in the crypto markets.

Interest surrounding the blockchain project Cardano has experienced a notable resurgence in recent months. Transaction volume on the network looks bullish, with a marked increase in transfers over $100,000. 

Some believe this points to growing confidence and participation from institutional entities and major holders. 

A Good 30 Days For Cardano

Cardano stands out from other smart contract platforms like Ethereum with its scientifically researched foundation and two-layered architecture. While Ethereum uses a proof-of-work model, Cardano’s proof-of-stake protocol, Ouroboros, offers greater energy efficiency and sustainability. A solution intended to solve scalability and interoperability issues common across blockchains.

According to on-chain activity tracked on Cardano Explorer, transactions consistently surpassed the 1.5 million mark over epochs 450, 451, and 452. (In Cardano language, an epoch is a period of five days). 

The number of “large transactions” spiked to over 7,000 in early December, having bounced between 4 and 6 thousand for much of November.

Cardano's (ADA) trajectory over the previous weeks.
Source: https://adastat.net/epochs

ADA’s price (currently at $0.44) has also spiked, too, pumping approximately 25% over the previous 30 days, and 15% over the previous seven, according to CoinMarketCap. Matching an equally bullish run across the wider cryptocurrency market. Its trajectory is nearly identical to Bitcoin, which has risen 25% and 16% over the previous 30 and 7 days respectively.

This contrasts with October 19, only a few weeks ago, where ADA sat at its yearly low of $0.247 — a 78% increase in just 48 days.

The launch of over 150 new projects  on the platform further showcases the expanding Cardano ecosystem. With nearly 10 million native tokens created and over 79 million transactions processed to date, Cardano has quietly been building an extensive and reliable network.

One journalist and editor, Ali Martinez, believes Cardano is set for a price spike , with an increase in large transactions pointing to growing interest from whales and institutions. 

Charles Hoskinson Increasingly Vocal About SEC Treatment

The ADA rally comes as its founder, Charles Hoskinson, has been increasingly vocal about the alleged unfair treatment of Cardano and the wider crypto sector by U.S. authorities. 

On November 20, the U.S. Securities and Exchange Commission (SEC) submitted a legal complaint. It accused the cryptocurrency exchange Kraken of blending customer funds and neglecting to register as required by regulations. The complaint from the SEC named 16 digital currencies, including ADA , as securities.

Hoskinson has since complained about the SEC’s behavior on multiple occasions. In an explosive livestream AMA, the Cardano founder called it a “pathetic f***ing joke.” And accused Bitcoin of not being sufficiently decentralized to not be classed as a security. 

“Explain it to me [the difference between Bitcoin and other cryptocurrencies] like I am five years old. Run the Howey test!” he said.

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