Cardano’s 27 Billion ADA Whale Transactions: A Beacon of Hope Amidst Price Drops

• The latest data shows that the daily large transaction volume on Cardano has reached 27.5 billion ADA. 

• However, the asset fell by 7% in the last seven days, trading at $0.456188. 

Cardano (ADA), the eighth largest crypto by market cap, has recorded an incredible daily transaction volume despite the asset struggling to climb up the price curve. According to IntoTheBlock, its daily large transaction volume has hit 27.59 billion ADA. Prior to that, the figure was “sitting” at 26.9 billion ADA a day before. It is important to note that large transactions in this context involve those that exceed $100,000. It also represents the large amount of crypto moved in such a transaction. 

Regardless, ADA was down by 7% in the last 24 hours, trading at $0.456188 as of press time. The “bearish wind” blowing across the broad market has taken its sentiment score to 2/100, causing a 14% fall in the asset in the past seven days. Investors who opened a new position have lost 25% of their Investment in the last 30 days. However, their three-month investment return is still positive with a surge of 62%. 

This has been the case in other cryptos as Bitcoin fell by 5% in the last 24 hours, trading at $38,976.52. Bitcoin is also down by 9% in the last seven days. Ethereum is also down by 7% in the last 24 hours, trading at $2,212.31. In the last seven days, the asset has fallen by 12%. 

Cardano Foundation Partnership

According to analysts, ADA could take a U-turn to hit $1.00 before the year’s end. On average, ADA is expected to hit $1.14 or proceed to trade at $1.28 before December 31. 

The large transaction volume is used as a metric to estimate the overall amount transacted by whales and institutional investors. 

The Cardano Foundation has been working behind the scenes with partnership programs to expand its use case and reach. It recently collaborated with Petrobras, Brazil’s state-owned energy company. This was to lead a blockchain education workshop for Petrobras employees. 

Cardano Foundation CEO Frederik Gregaard commented:

Empowerment through education is a central part of our mission at the Cardano Foundation. That goal includes working across all stakeholders in society to achieve blockchain literacy, from individuals to enterprises. Our partnership with Petrobras—a Fortune 500 company and one of the largest public companies in the world—highlights both the appetite from enterprises for blockchain education as well as the growing reach of the Cardano Foundation and its mission. We are excited to partner with Petrobras and look forward to working with them, both to educate and to explore new use cases for blockchain technology.

The potential and the diverse use cases of the blockchain were said to be discussed. Cardano Foundation conducted two workshops in the Metaverse as required by the partnership. 

Petrobras  also stated:

This bold new partnership with the Cardano Foundation represents an important step forward in our mission to harness the power of blockchain for new use cases within the energy sector. Education will play a key role in this and is therefore at the core of this innovative new partnership.