Cardano (ADA), the leading proof of stake (PoS) blockchain, has been on a significantly high level in terms of the number of ADA transacted on the network per day.
According to IntoTheBlock, a leading market intelligence platform, Cardano has seen 27.59 billion ADA in daily large transaction volume. This development negates the ghost chain narrative propagated by Cardano pessimists.
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Based on IntoTheBlock’s classification, large transactions are the transfers of over $100,000 in ADA at a given time. So, large transaction volumes are the estimated amount of ADA moved by whales or institutional investors daily.
Potential Impact of Whales’ Movement
Since a huge amount of crypto is held by whales, known as large investors, their continued interest in any digital asset may result in a bullish trend when the market finally settles from the epic downtrend initiated by the slow market sentiment brought by the Bitcoin Spot ETF listings. Cardano (ADA) has been replicating the negative trend.
On the 11th of January, Cardano (ADA) reached around $0.61. However, it has since dipped to the $0.4 price region. At the time of writing, ADA is trading at $0.48, with a relatively 5% price downtrend in the last 24 hours.
Hoskinson Fires Back At Cardano (ADA) Critics
Charles Hoskinson, the creator of Cardano, has responded to a report by crypto research firm K33 Research, which recently challenged the use cases embedded in Cardano and its native token ADA.
In a tweet last week, Hoskinson played down the credibility of the research firm, stating that he hadn’t heard of the firm.
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The report published last week Monday titled “Why you should sell all your ADA (Cardano)”, argued that the digital asset lacks real-world use and value.
K33 paints a bleak picture of Cardano, calling it a “greater fool theory” victim, suggesting that its value depends solely on finding another buyer willing to pay a higher price. They argue that Cardano lacks momentum and practical applications, ultimately leading to its downfall.
Although Hoskinson’s response may not have been diplomatic, it highlights a crucial point. Cardano stands out in the crypto space due to its emphasis on peer-reviewed research and scientific rigor. This commitment may not generate immediate hype, but it builds a solid foundation for long-term success.
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