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PHA investors can still be in doubt despite a surge in transaction volume

2min Read

Phala Network experienced a massive whale transaction on 20 April, marking only the third time that such an event has occurred. Although trade volume surged, PHA’s price declined, leaving investors uncertain.

Phala Network Witnesses Massive Whale Transaction, but Price Trend Remains Uncertain

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  • Phala Network witnesses the third-largest whale transaction in its history, causing a surge in transaction volume.
  • Despite the transaction, PHA’s price continues to decline, leaving investors uncertain about future price trends.

Phala Network recently experienced a significant whale transaction, marking it only the third time in its history. The surge in observed transactions may have influenced other metrics and the PHA price trend.


Read Phala’s [PHA] Price Prediction 2023- 24


Phala sees new all-time-high trade volume

Phala Network experienced a significant surge in its transaction volume metric on 20 April due to a massive number of transactions.

According to data from Santiment, the transactions involved 308.2 million PHA tokens, estimated at $53 million. The transaction’s volume brought the total volume of transactions on that day to 318.45 million.

Phala network trading volume

Source: Santiment

It is worth noting that this recent whale transaction marked only the third occurrence since the PHA token was introduced in 2020. The previous largest transactions were observed on 30 April 2020, involving 1 billion tokens, and on 31 August 2020, involving 908.98 million tokens.

The recent transaction on 20 April set the record for the third-largest trading volume since inception.

Phala exchange supply drops as active addresses stall

Although there was a surge in trade volume on 20 April, there hasn’t been a significant change in the exchange supply metric. However, there was a notable uptrend on 18 April, when the exchange supply rose to over 146 million.

The metric has since plateaued and remained relatively stable, with a current reading of around 146.28 million.

Phala network Exchange supply

Source: Santiment

In contrast to the surge in trade volume, the latest development from the whales did not have a notable impact on the number of active addresses on the network.

According to Santiment data, the seven-day active addresses metric showed no significant activity in the last week. As of this writing, the number of active addresses was declining and stood at around 189.

Phala active addresses

Source: Santiment

PHA on a decline

Examining Phala’s daily timeframe chart revealed a recent decline in price. The downward trend started on April 18 with a 2.61% drop, and it has persisted. As of this writing, PHA was trading at around $0.14, representing a loss of over 2%.

The price drop has also led to the Relative Strength Index (RSI) falling below the neutral line, indicating a strong bear trend.

PHA/USD daily timeframe chart

Source: TradingView


– How much are 1,10,100 PHAs worth today


Given the persistent decline in the price of the Phala (PHA) token, the recent transaction volume may indicate an accumulation phase among investors. Investors may be anticipating a potential increase in the token’s price in the coming weeks. However, it remains to be seen whether this will materialize or not.

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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