The rise in substantial transactions indicates increased engagement and interest from major ADA stakeholders.

On April 29th, Cardano (ADA) experienced a notable surge in high-value transactions surpassing $100,000. A total of 1,776 transactions occurred on that day, marking the highest daily count since November 8th, 2023.

Historically, peaks in whale activity have often hinted at potential shifts in market sentiment and price reversals. Despite these trends, the market has shown a decline instead.

Recent analysis from Santiment suggests that the surge in large transactions signals heightened participation and interest from influential investors.

In addition, Cardano's market cap has seen a significant drop of 43% since March 13th, indicating a substantial decrease in valuation over recent weeks.

Similarly, insights from investment analytics firm Intotheblock have revealed active trading from Cardano whales, with an average daily transaction volume of $13.84 billion over the past week.

This surge indicates a thriving ecosystem within Cardano. To provide context, this volume represents about a third of Bitcoin's current volume, more than five times Litecoin’s, and over sixteen times that of Dogecoin.

The increased whale activity coincides with a market correction that pulled ADA's price down by over 5% to $0.429 as of the latest update.

Even amidst this correction, Cardano continues to stand out as one of the leading projects with significant GitHub activity among top Layer 1 blockchain networks.