According to a source, the Cardano blockchain has seen a significant increase since the first week of February. There have been at least 2,000 ADA transactions per day with a USD value of at least $100,000 in the previous few weeks. Prior to February, there were rarely more than 500 transactions totaling more than $100,000 per day.
It’s interesting that Cardano’s ADA whale transactions are increasing right now. To begin with, the eighth-largest cryptocurrency in the world has increased by more than 50% year to date as a result of the crypto market surge that began earlier this year and continued until Wednesday, February 22. Among the interesting Cardano ecosystem development milestones that have been reached in the meantime is the launch of the eagerly anticipated overcollaterized USD-pegged algorithmic stablecoin Djed, which is expected to bring fresh capital into the Cardano ecosystem as Decentralized Finance (DeFi) investors seek out new ways to generate yield.
Today’s Cardano Price
The ADA/USD token was last trading at around $0.38, down roughly 10% from previous monthly highs in the $0.42 range. Cardano is under selling pressure following Wednesday’s widespread decline in cryptocurrency prices, and it now faces the risk of falling below its 200-Day Moving Average (DMA).
Cardano Price Prediction
Crypto is trailing US stocks, which are falling due to concerns that equity investors may have overestimated the extent to which the Fed will continue raising interest rates this year, as well as additional evidence of an impending earnings recession in the wake of the most recent Walmart and Home Depot earnings reports.