Cardano [ADA] has managed to garner immense attention lately. However, this is not for all the right reasons. Despite its increased popularity, recent data highlighted a prominent decline. However, another factor to consider is the rising whale activity in the ADA market.
According to IntoTheBlock, there has been significant activity among Cardano whales. The average daily transaction volume sits at $13.84 billion over the past week. This further marks a notable presence in the crypto-verse. It is also important to note that Cardano’s volume is only a fraction of Bitcoin’s. However, it surpasses Litecoin’s by fivefold and even Dogecoin’s by over 16 times.
Also Read: Cardano: Here’s How ADA Will Conclude April 2024
Contrasting trends
Despite the impressive transaction volumes by whales, other on-chain data paints a different picture. According to Santiment, an analytics firm, there has been a decline in active wallets within the Cardano network. Over the last three months, non-empty wallets have dipped by 0.1%. This further contrasts with the upticks seen in Bitcoin and Dogecoin. This decrease in wallet activity raises concerns about the factors driving this trend. It also impacts the future of Cardano.
The challenges facing Cardano extend beyond wallet activity. The asset’s market performance has been coming into play. Recent data revealed a notable drop of 28.7% price drop for ADA over the last 30 days. Despite this setback, ADA’s price remains higher by 17.8% year over year. At press time, the altcoin was trading for $0.4533 with a 3% daily dip.
Ranking Slips
Cardano has also slipped in its ranking. The altcoin currently sits in the 10th place right behind assets like Dogecoin and Toncoin. This, coupled with the decline in wallet activity and price performance, highlights the hurdles Cardano faces in maintaining its position in the crypto market.
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