The bullish tide that started in the cryptocurrency market at the beginning of the year has largely subsided, but the increased activity of Cardano’s (ADA) biggest holders in recent days has provided the opportunity for a new round of the digital asset.
Cardano whale activity is at its highest level in 9 months!
Last week, Cardano witnessed the most whale activity in the past nine months, recording transaction numbers not seen since May 2022, as observed by cryptocurrency market intelligence platform Santiment on Feb.
Moreover, Cardano is seeing an increase in whale numbers since the beginning of 2023, as addresses holding ADA 1 million to 100 million have increased by 36. Meanwhile, Cardano’s price rose 59% over the same period.
Cardano whale and price activity. Source: Santiment
By comparison, similar transaction numbers were recorded by Cardano from May 11 to May 17, followed by a 36% price increase from the beginning of that week to its local peak in early June, as the on-chain platform noted. this time something might happen.
Other positive developments of Cardano
It’s also worth noting that the Cardano ecosystem has hit milestones elsewhere, including the continued growth of its network to 5,000 smart contracts as of Feb.
At the same time, his team’s persistent work has placed Cardano in second place among leading smart contract crypto projects by staking market cap, registering a valuation of $10.4 billion alongside GitHub development activity with 701 events.
Cardano price analysis
Currently, Cardano is changing hands at $0.4 representing a 2.84% increase over the last 24 hours and a 1.49% increase from the previous week and is gaining 35.61% on its monthly chart. .
Cardano 30 day price chart. Source: Finbold
Whether Cardano will continue to record price spikes will depend on progress in its ecosystem as well as other positive developments associated with it, as well as the broader crypto and macroeconomic landscape. Judging by the whale activities, the sentiment seems largely optimistic.
Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.
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