Phala Network is witnessing the third largest whale transaction in its history, resulting in a massive increase in transaction volume.
Despite the transaction, the price of PHA continues to fall, leaving investors uncertain about future price developments.
Phala Network recently experienced a major whale transaction, which is only the third time in its history. The increase in observed transactions may have influenced other metrics and the PHA price trend.
Read Phalas [PHA] Price Forecast 2023-24
Phala sees a new all-time record volume
Phala Network experienced a significant increase in transaction volume on April 20 due to a huge number of transactions.
According to data from Santiment, the transactions involved 308.2 million PHA tokens, valued at $53 million. The transaction volume brought the total transaction volume on that day to 318.45 million.
It is worth noting that this recent whale transaction was only the third event since the introduction of the PHA token in 2020. The previous largest transactions were observed on April 30, 2020, involving 1 billion tokens, and on August 31, 2020, involving 908, 98 million tokens were involved.
The recent transaction on April 20 set the record for the third largest trading volume since inception.
Phala exchange supply drops as active addresses crash
While there was an increase in trading volume on April 20, there has been no significant change in stock market supply metrics. However, there was a notable upward trend on April 18, when the bill supply rose to over 146 million.
The statistic has since plateaued and has remained relatively stable, with a current value of about 146.28 million.
In contrast to the increase in trading volume, the latest development of the whales did not significantly affect the number of active addresses on the network.
According to Santiment data, the seven-day active address metric showed no significant activity over the past week. At the time of writing, the number of active addresses dropped to about 189.
PHA on a decline
Examining Phala’s daily timetable chart revealed a recent price drop. The downtrend started on April 18 with a 2.61% drop and continues. At the time of writing, PHA was trading near USD 0.14, representing a loss of over 2%.
The price drop has also caused the Relative Strength Index (RSI) to drop below the neutral line, indicating a strong bear trend.
– How much are 1,10,100 PHAs worth today
Given the continued decline in the price of the Phala (PHA) token, the recent transaction volume may indicate an accumulation phase among investors. Investors may expect a possible increase in the price of the token in the coming weeks. However, it remains to be seen whether this will become a reality or not.
This post PHA investors may still be hesitant despite an increase in transaction volume
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