On-chain Activity Shows Cardano Ready For 30% Plus Bullish Move
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Cardano Whale Activity Spikes, as ADA Registers Largest $100K+ Transactions Since May.
There has been a notable increase in the presence of large holders, or “whales,” in the Cardano (ADA) network. Since the start of the year, the number of addresses holding between 1 million and 100 million tokens has risen by 36, and whale transactions of $100,000 or more have seen a 296% increase in the past seven days, reaching 8,885.
These findings, according to behavior analytics provider Santiment, highlight the substantial growth in whale activity within the Cardano network as the value of ADA has rallied by 61% in the same period.”
🐳 #Cardano whale numbers have risen in 2023, and large transactions have notably broken out. The last time there were this many $100k+ $ADA transactions was in May, & its price jumped +36% from the beginning of that week until its local top in early June. https://t.co/GTuBl9DKWA pic.twitter.com/9GSnMqlomB
— Santiment (@santimentfeed) February 7, 2023
Santiment reports that Cardano is experiencing a resurgence in whale activity, with a recent cluster of $100,000+ transactions reminiscent of May 2022.
At that time, ADA’s price saw a significant rise of 36% and reached its peak at $0.6661 on June 8, 2022. This growth in whale activity is further supported by a rise in accumulation among large holders, as the number of addresses holding between 1 million and 100 million ADA has increased by 36 since the start of 2023, reaching 2,844.
The increase in whale transactions and accumulation is a positive sign for the market, indicating growing investor confidence and demand. This, coupled with a 61% appreciation in the value of ADA since the start of the year, suggests a potentially supportive market for the asset’s price action.”
Whale interest fueled by favorable developments
Santiment recently reported an increase in the number of important whale and shark addresses holding Cardano (ADA) tokens. These addresses, which hold between 100,000 and 100 million ADA tokens, now own the most tokens they have ever held since November 8. The accumulation of these addresses has reached 405.85 million ADA since January 1.
The rise in whale interest is attributed to several favorable developments within the Cardano ecosystem, including the successful launch of stablecoin DJED and the subsequent introduction of DJED and SHEN staking on Bitrue.
ADA is currently trading at $0.3971, with a 1.73% increase in the past 24 hours. The asset is aiming for the $0.40 territory after breaking through the $0.39 zone. According to analyst Ali, there is a crucial support level at $0.37 due to a large purchase of 4.4 billion ADA between $0.365 and $0.376 by 92,000 addresses.”
The recent increase in whale activity in the Cardano ecosystem can be attributed to several positive developments. One notable event was the launch of the highly anticipated stablecoin DJED, which saw the creation of over 1.85 million asset units in just two days. Following the launch, Bitrue quickly added support for DJED and SHEN staking.
