During the past week, the total volume of transactions larger than $100,000 in ADA surged exponentially. Data from analytic sources also revealed that while the overall amount of Cardano transactions has been steady, the volume is increasing, which could be later reflected in its market value.
According to data from a blockchain analytics firm, the total volume of transactions on Cardano’s network greater than $100,000 reached $116 million on Oct. 31. This represents an increase of 464 percent compared to the $25 million seen a week before.
Cardano recently rolled out a new update to the Daedalus wallet, which was launched on the Cardano mainnet during that time. Apart from a redesigned user interface, the main change the update brought about was the addition of a newsfeed.
Daedalus users will now be able to have four different types of news about the latest developments in the industry delivered to them via the wallet. And, users will also take advantage of a new wallet recovery phrase verification system, which will warn them if their recovery phrase has not been verified for a long period of time.
Despite the volume increase seen on Cardano’s network, there were 74 large transactions on Nov. 2 worth over $12 million. This represents a 90 percent plunge from the volume in the blockchain just a few days before. But, another spike in volume has taken place in the last 24 hours, with more than 100 large transactions worth nearly $90 million.
Now, it seems that more people could be preparing for the introduction of the incentivized testnet of Shelley, the next iteration of the Cardano blockchain. According to Dynal Patel, senior product manager at Cardano, the incentivized testnet will enable all ADA holders to earn real ADA rewards, “marking an acceleration in the Shelley testnet, and Cardano’s development.”
While the massive volatility in transactions’ volume seems to be related to the strides that Cardano has been making in the past weeks, the price of ADA has been stagnant.