Cardano Whales Bullish on ADA – Is the Optimism Warranted?

A slight price increase for ADA could indicate community optimism for the SECP upgrade.

Cardano Whales swimming around bubbles under the sea
  • Santiment described Cardano as a “polarizing” cryptocurrency asset.
  • Despite soaring whale transactions, the price of ADA has remained stagnant.
  • A slight price increase in the last 24 hours could indicate community optimism for the SECP upgrade.

The Cardano ecosystem has experienced a series of events and developments, but the price of ADA is yet to reflect a notable increase.

On February 14th, 2023, market intelligence platform Santiment released an insight report describing Cardano as a “polarizing” cryptocurrency asset, considering the “trials and tribulations” the ecosystem has endured within the last few years.

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The Cardano network has witnessed substantial developments since the beginning of February. Whale transactions have soared to “approximately 1,700 transactions per day,” according to Santiment.

Santiment feed Cardano insights increase in whale activity

Santiment noted that the volume of whale transactions represents “an enormous uptick” from January’s volumes, where the network recorded approximately 300 transactions per day, with trade volumes surpassing the $100,000 mark.

The network’s anticipated SECP upgrade is scheduled to go live on February 14th, 2023, and is expected to increase interoperability and security of cross-chain decentralized application (dApp) development.

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Despite the continued rise in whale transactions, notable transaction volumes, and network developments, the price of ADA has remained relatively stagnant.

A Slight Upward Trajectory

The price of ADA seems to be relatively unchanged in the face of whale optimism. At the time of writing, ADA is trading at $0.37, representing a 5.97% decrease from its one-week high of $0.38 on February 9th, 2023.

On the other hand, the 24-hour price chart reflects a more notable turnaround, with ADA up 8.81% from its 24-hour low of $0.34 on February 13th, 2023.

ADA Price Chart 2023 02 14

24-hour price chart for Cardano. Source: Messari.io

Considering the proximity of the SECP upgrade, the slight nudge into an upward trajectory indicates a degree of community optimism. A notable boost in the price of ADA could reinforce the potential of market sentiment eventually aligning with whale activity and network developments.

On the Flipside

  • Beyond the bullish sentiment of the Cardano whales, the community remains divided about the trajectory of ADA following the SECP upgrade.

Why You Should Care

Optimistic market sentiment in the Cardano ecosystem would push the price of ADA to break the protruding cycle of misalignment between whales and the broader Cardano community. A sustainable upward trajectory could reposition the network’s current #8 rank.

Read more about the market sentiment around Cardano’s SECP upgrade:

Cardano Dips 7.91% – Can Valentine’s Sentiment Boost ADA?

Read more about Cardano’s on-chain statistics from January 2023:

Cardano (ADA) On-Chain Statistics for January Revealed

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

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.