IntoTheBlock: Cardano Txn Volume Up 205% YTD as Whale Accumulation Spikes

Cardano is experiencing remarkable growth in terms of transaction volume and transaction count, according to data from IntoTheBlock.

Cardano (ADA) has demonstrated strong on-chain performance in recent months, according to a report published by IntoTheBlock, a data analytics firm. The report analyzed various metrics pertaining to the Cardano network, including transaction count, volume, whale activity, profitability, and correlation with BTC.

The findings, which were released today, reveal a significant surge in Cardano’s transaction volume, marking a 205% increase year-to-date. This noteworthy growth follows a sharp decline observed in late 2022, signaling a renewed interest from investors.

1/ Cardano is one of the top Layer 1 networks in the industry. Let’s dive into some of the on-chain analytics to see how the network is doing. #CardanoCommunity

— IntoTheBlock (@intotheblock) May 22, 2023

In line with the transaction volume surge, ADA whale accumulation has also experienced a remarkable upswing. IntoTheBlock’s data highlights spikes in net flows, indicating a trend of whale accumulation. Over the past 30 days, net flows have surged by over 1,500%.

The report called attention to the fact that the network has continued to push for growth through several initiatives and development efforts. The Crypto Basic previously highlighted Cardano’s recent attempts at rivaling Ethereum through improved scalability with Hydra and an increase in smart contracts.

Cardano Investors Unfazed by Market Decline

During the prevalent market-wide downturn, Cardano demonstrated resilience by maintaining a consistent number of transactions. Moreover, the network witnessed a substantial surge of 33.45% from its lowest transaction levels throughout the year.

Additionally, Cardano achieved its highest daily transaction volume in three months, with a record-breaking count of 98,000 transactions within a 24-hour period. These metrics underscore a significant increase in interest.

Regarding the financial aspect, the report reveals that approximately 22.2% of addresses are yielding profits, 4.5% are at a breakeven point, and the majority, 73.2%, are facing losses.

IntoTheBlock attributes this bearish reality to the prevailing market-wide conditions that have pushed ADA to shocking lows. However, the report acknowledges the resilience of a significant portion of ADA investors who are holding onto their investments with hopeful expectations of a future price surge.

Conclusively, the report presents compelling evidence of ADA’s strong positive correlation with BTC and ETH. This indicates that ADA tends to align its movements with these prominent assets, reflecting its susceptibility to overall market sentiment and prevailing trends.

ADA is currently changing hands at $0.3676, up 2.14% in the past 24 hours. The asset is currently the highest gainer among the top 10 cryptocurrencies in the last 24 hours. Cardano is looking to end an intraday losing streak that has seen it decline by 9.19% in the past 3 days.