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