Cardano (ADA) Shark Accumulation Reaches Peak Levels Since September 2022

Santiment Reports Significant Accumulation of Cardano (ADA) by Mid-Range Crypto Wallets, Whale and Shark Activity Boosts ADA Holdings by $116.1 Million Since May, Transaction Volume Surpasses $67 Billion.

Santiment, a prominent market analytics platform, has revealed that crypto wallets holding $10,000 to $100,000 worth of Cardano (ADA) have recently amassed the largest volume of ADA in nearly a year. This surge in accumulation aligns with the ongoing increase in on-chain transaction volume, which has shown consistent growth over the past six months.

The analytics firm points out that amidst Cardano’s current value of just above $0.29, the accumulation by whales and sharks—those holding between 100,000 and 10 million ADA—has reached its highest level since September 2022. This renewed interest is likely influenced by the token’s discounted price, following a dip from $0.37 to $0.26 in June. The drop was precipitated by the U.S. Securities and Exchange Commission’s (SEC) assertion, within its Coinbase lawsuit, that ADA could be classified as a security.

Currently trading at $0.30, Cardano has exhibited a 2.22% increase in the last 24 hours. Furthermore, Santiment forecasts potential rallies in altcoins such as Solana (SOL), Toncoin (TON), and Hedera (HBAR) as Bitcoin (BTC) breaches the $30,000 mark. This positive sentiment comes as profit-taking for Bitcoin has risen to its highest point in over three weeks.

Santiment remains optimistic, noting that Bitcoin’s resurgence beyond $30,000 is fostering confidence in the crypto market. Many altcoins are displaying signs of revival, and assets like SOL, TON, and HBAR are gaining momentum, creating promising narratives for the future. Observers are advised to monitor FOMO (fear of missing out) levels should the upward price movement persist throughout the day.”

Read Also: JPMorgan to Repay $3 Billion to US Government Following Banking Crisis Depletion of Emergency Fund

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.

Comments are closed.