Ethereum-killer Cardano (ADA) Records Major Spike in Whale Interest

Cardano whale and developer activity has reflected significant increases.

Bigger and smaller Cardano ADA whales beside a branded moving van
  • The Cardano network is recording an influx of whale activity.
  • Developer activity on Cardano is reflecting a similar optimistic trend.
  • The price of ADA has yet to align with the whale and developer volume increases. 

Cryptocurrency analytics firm Santiment has revealed a spike in high-volume transactions on Cardano (ADA), indicating some “major interest” from the whales on the network.

Whale transaction count and ADA price chart.

Source: Santiment

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As per the graphic, Cardano whale transactions rocketed to 539 transactions above $100,000, as reported on February 20th. According to Santiment, there has been a five-day anomaly gap in data for Cardano. Still, the upward trajectory of the asset has been demanding a spotlight since February 2023 kicked off.

A notable increase in whale activity and high-volume transactions continues a bullish streak for the Cardano whales. A considerable sea of whales have been displaying a positive market sentiment, recently boosting the market capitalization of Cardano to flip Binance (BUSD) for the #7 rank.

In Terms of Development

Cardano has ranked third for cryptocurrency asset development activity, recording a noteworthy 506.37 developer volume in the past thirty days. The volume represents a spike compared to Cardano’s former on-chain statistics for January after blowing Ethereum (ETH) out of the water for developer activity in 2022.

The network is surpassed only by Polkadot (DOT), claiming the first rank with 558.07 developers, and Kusama (KSM) in second place with the same developer activity numbers as Polkadot.

Santiment crypto coin activity sheet.

Source: Santiment

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Cardano’s pièce de résistance has yet to reveal itself amidst increasing whale interest, developer activity, and network developments, as the price of ADA is currently trending in the opposite direction.

Beyond the Sea of Whales

The Ethereum killer has faced an embellished February thus far in pursuit of “positive global change.” Beyond the increase of whale interest, the Cardano network has launched the SECP or Valentine’s upgrade, enabling developers to “easily create cross-chain dApps that are secure, reliable, and cost-effective.

Among other events, Cardano is actively upping its dev game with Working Groups to empower the community and propel the development of the blockchain, further establishing Cardano as a community-centric ecosystem.

However, at the time of writing, the price of ADA is trading at $0.38, a 9.36% decrease from its seven-day high of $0.41 on February 18th. The Altcoin appears to be stuck in the doldrums rather than aligning with the evolution of the Cardano ecosystem beyond the price of ADA.

On the Flipside

  • Whale activity picked up on The Sandbox ($SAND) on February 20th.
  • Hex ($HEX) recorded one of the highest surges of whale transactions on February 20th before a mid-sized correction.
  • The trend is allegedly attributed to a market shift attempt where whale spikes are the driving force.

Why You Should Care

ADA’s resistance aligning with whale sentiment calls into question the viability of the Cardano network for community members who do not fit into the optimistic developer and whale boxes.

Cardano is branching out with Working Groups for developers; read more:
Cardano (ADA) Dev Working Groups to ‘Empower’ the Community

Cardano recently climbed to the #7 rank by market cap; read more:
Cardano (ADA) Climbs to #7 by Market Cap Amidst “Cult” Criticism

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.