Cardano (ADA) Whales Buy-in $162M as Transactions Soar

The Cardano network has seen a notable increase in whale activity, which could indicate a significant price shift on the horizon.

Cardano ada tokens coming out of whale's stomach.
  • The Cardano network has seen a notable increase in whale activity since the beginning of January 2023.
  • High-volume whale accumulation could indicate a significant price shift on the horizon.
  • Despite various developments in the Cardano ecosystem, ADA is trading at $0.39 USD at the time of writing.

Santiment has reported that the price of Cardano (ADA) has surged over 65% from the start of 2023. According to the on-chain analytics platform, the price increase from $0.24 USD on January 1st to $0.41 on February 2nd was mainly due to ADA investors accumulating a total volume of $162.34M.

Santiment further stated that a total of 405.85M ADA had been accumulated by “key sharks and whales” since January 1st, 2023, which is reportedly the main driver behind the price spike, as reflected on the charts.

Cardano ADA 1m graph, 

One-month price chart for Cardano. Source: CoinMarketCap.

Furthermore, Santiment stated that addresses holding 100K to 100M ADA now hold the highest combined volume since November 8th, 2022, reflecting a 12-week high for whale transactions since the collapse of FTX.

Data from CoinMarketCap reveals that Cardano’s market capitalization surged from $8.6B USD TO $13.8 during January 2023, allowing the altcoin to preserve its #8 rank.

Historically, the sudden high volumes of whale accumulation could be indicative of a looming price shift. It remains to be seen which trajectory the price of ADA will follow in the coming weeks in the wake of recent whale activity and ecosystem events.

Boost or Bust?

Although the Cardano network reportedly had 105 transactions over $100,000 on February 3rd, 2023, the price of ADA has fluctuated in the past 24 hours.

At the time of writing, ADA is trading at $0.39 USD despite myriad developments within the ecosystem. According to statistics by CoinMarketCap, the price of the altcoin briefly hit a 24-hour low of $0.38 before recovering from the dip to a high of $0.40.

Sponsored

Recent Cardano events include the launch of the Djed stablecoin and the publication of on-chain data from January reflecting an increase in smart contract transactions on the network.

On the Flipside

  • The broader crypto ecosystem has seen price increases from the beginning of 2023.
  • Currently, Bitcoin (BTC) is trading at $23K, a 34.84% increase from its one-month low of approximately $16K USD at the beginning of January 2023.
  • The Cardano network’s SECP upgrade is tentatively scheduled for February 14th, 2023.

Why You Should Care

Cardano is one of the most significant networks in the world. A major price fluctuation could have a far-reaching influence, whether an unusual upward or downward trajectory.

Read more about Cardano’s on-chain statistics for January:
Cardano (ADA) On-Chain Statistics for January Revealed

Read more about Cardano’s Djed stablecoin:
Cardano’s Djed Stablecoin Hits Official Release

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Monique Brelage

Monique Brelage is a South African cryptocurrency news reporter at DailyCoin focused on the Cardano (ADA) and Solana (SOL) ecosystems. She aims to convert complex topics into digestible and engaging news pieces for readers of all knowledge levels.   Before her journey with DailyCoin, Monique has immersed herself in the realm of NFTs and Web 3.0 since 2019. Her experience in multiple industries enables her to conduct critical analyses and convert it into her writing. She acknowledges the profound impact decentralization, Web 3.0 technology, and everything beyond will have on the future.   Monique completed a Bachelor of Communication from NWU in 2020. Her background in media studies, creative writing, and philosophy helped shape her method of news curation, thereby ensuring a broader perspective to help readers remain critical of what they see. Monique's articulation, writing quality, and work ethic are professional qualities she takes pride in.   Monique lives on a farm in South Africa with her partner and cat. She works on her NFT and tattoo art in her free time, and enjoys the natural world around her. She likes reading material that broadens her perspective, indie music, and video games to blow off some steam.