Cardano (ADA) price declined 5% in May. On-chain data shows that the bullish investors have started June 2023 on the front foot. With transaction volumes spiking to new highs, ADA looks set to deliver a positive performance in June.
Transactional activity on the Cardano network has been rising since the native Djed stablecoin was launched back in March 2023. And on June 1, it reached a new 2023 peak.
With whale investors also increasing their trading activity in recent weeks, how much could this impact ADA price?
Cardano Transaction Volume has Hit a New Peak
On June 1, 102,860 confirmed transactions were recorded on the Cardano blockchain network. This represents a 70% increase from what was recorded on May 1.
The chart below shows that the total transactions on May 31 stood at 105,000. The last time Cardano transaction activity reached…
