$6 Billion Cardano (ADA) in 24 Hours: Here’s What’s Happening

Cardano (ADA), currently the 11th largest cryptocurrency by market cap, has reported $6 billion in large transaction volume, a metric indicative of whale activity.

According to IntoTheBlock data, Cardano’s large transaction volume came to $6.08 billion, or $17.71 billion ADA in crypto terms, in the last 24 hours.

The Large Transaction Volume indicator estimates the total amount transacted by whales and institutional participants on a particular day. Spikes in Large Transaction Volume indicate higher activity among whales, whether buying or selling.

Cardano initiated a rebound after reaching lows of $0.3 on Sept. 6. The recovery continued for three days with the ADA price reaching highs of $0.348. Cardano’s price has slightly eased at the time of writing, up 0.41% in the last 24 hours to $0.34, albeit up 6% weekly.

Cardano launches core governance tool

Intersect, a member-based organization for the Cardano ecosystem, has announced the release of a new tool for the Cardano community: Cardano GovTool, which is now available on the Cardano mainnet. This core governance tool is a big step forward for Cardano’s decentralized governance system, as it is designed to fit with the governance architecture outlined in CIP-1694.

We’re excited to announce the launch of the Cardano GovTool on the mainnet! This open governance tool is set to revolutionize decentralized decision-making in the Cardano ecosystem.

In just 96 hours, the Cardano GovTool has already seen significant community engagement!

📊 By… pic.twitter.com/LGvY5WAcNn

— Intersect (@IntersectMBO) September 10, 2024

This release represents a significant milestone for the Cardano ecosystem. ADA holders have now officially been handed over the governance of Cardano, and they can now determine the future of the platform.

According to Intersect, in the first 96 hours that the Cardano GovTool was live, the Cardano network observed a rise of 1,586 unique delegators, 1,765 total vote delegations, 49 total DRep votes and 115 total DRep registrations.

Cardano successfully initiated the Chang 1 upgrade on Sept. 1.

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