According to Reports Blockchain Analytics Company Santiment Cardano Whales Are Quietly Fueling a 65% ADA Rally
According to blockchain analytics company Santiment, Massive holders of Cardano (ADA) are pushing up the price of the eighth-largest cryptocurrency by market capitalization.
From roughly $0.246 on January 1st to $0.412 last week, Santiment believes the gain is mostly due to the accumulation of 405.85 million ADA, worth $162.34 million at the time of writing, by Cardano investors with significant pockets.
According to Santiment, the Cardano network witnessed 105 transactions totalling over $100,000 on Friday, the most since the collapse of the cryptocurrency exchange FTX in November.
“Cardano’s price is up +65 percent in 2023, and crucial shark and whale accumulation is mostly responsible. Since November 8th, addresses holding 100,000 to 100,000,000 ADA have amassed the most in their combined wallets. Today, whale trades of $100,000 or more reached a 12-week high.”
“The greatest Bitcoin transaction in the last four weeks occurred eight hours ago. After a single transfer, this brand-new whale address jumped from holding nothing to 13,369 BTC (valued at $313.1 million). Observe this wallet as prices vary in the future.”
The leading cryptocurrency is currently valued at $23,388 compared to $16,531 at the beginning of the year, a 40% increase.
Santiment also reports that the cryptocurrency networks of Loopring (LRC), Aave (AAVE), dYdX (DYDX), and Curve are seeing large transaction volumes.
“Today, large whale transaction volumes have been seen on many cryptocurrency networks. This does not necessarily signify a sell-off, but it does suggest that volatility is likely to grow.”
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.