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Here’s why Cardano whales are smiling these days

2min Read

An analysis revealed that Cardano’s transaction count recovered by 33.45% from its lowest point in the last 12 months. Meanwhile, transaction volume was up to a three-month high as of 22 May.

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  • Cardano sees revived hope in transaction metrics despite the recent market slowdown.
  • ADA sees some demand from retail buyers but whales are still on the bench.

Every once in a while the crypto market experiences a significant slowdown and relative stagnation, such is the case under the current conditions. However, in such instances, it is important to look at which networks are still delivering healthy growth and Cardano [ADA] is currently among them.

Is your portfolio green? Check out the Cardano Profit Calculator

According to a recent IntoTheBlock analysis, Cardano’s transaction data demonstrated healthy growth that underscored the current state of the network. The analysis revealed that transaction count and transaction volume were the main areas worth noting.

The IntoTheBlock analysis revealed that Cardano’s transaction count recovered by 33.45% from its lowest point in the last 12 months. Meanwhile, transaction volume was up to a three-month high at research time.

Cardano also saw a massive bounce back in transaction volumes from its 2022 lows. For perspective, ADA’s transaction volume grew by roughly 205% on a YTD basis.

This impressive performance underscored the fact that the network achieved significant adoption despite tough market conditions. Cardano is expected to maintain positive growth largely thanks to the network’s layer 2 scalability network called Hydra.

Will ADA leverage Cardano’s growing utility?

ADA’s performance has so far been mostly influenced by overall market conditions. Its performance suggested that it is still correlated to Bitcoin. However, it was still trading at a premium compared to its 2022 lows at the time of writing. The recent performance has been attracting significant demand but the recent analysis revealed that it was mostly from retail traders.

How many are 1,10,100 ADAs worth today

So, what have the whales been up to? The largest whale category (addresses holding between 10 million and 100 million ADA) slashed their holdings by a significant margin since mid-May.

This means they contributed to the sell pressure and the same goes for the second-largest whale category (100,000 to 10 million ADA).

Cardano ADA supply distribution

Source: Santiment

The supply distribution explained the short-term outcome and why ADA has been struggling to bounce back. The Cardano network also experienced an overall drop in development activity in the last two weeks.

This may also contribute to lower investor sentiment. In addition, ADA’s volume fell to its lowest point in the last four weeks.

Cardano volume and development activity

Source: Santiment

Although ADA’s volume was recovering gradually, there was still a lot of room for improvement. ADA exchanged hands at $0.36 and has been struggling to overcome its ranging price action underpinned by low volatility.


Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael's writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.
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