Cardano whales are quietly driving a 65% ADA rally this year, according to Blockchain Analytics Firm Santiment
Blockchain research firm Santiment says massive holders Cardano (ADA) is driving up the price of the eighth largest crypto asset by market capitalization.
From trading around $0.246 on January 1 to $0.412 last week, Santiment says The increase is primarily due to the large accumulation of deep-pocketed Cardano investors to the tune of 405.85 million ADA, worth $162.34 million at the time of writing.
On Friday, the Cardano network saw 105 transactions worth over $100,000, the highest since crypto exchange FTX collapsed in November, according to Santiment.
“Cardano’s price is up +65% in 2023 and key shark and whale accumulation has had a lot to do with this. Addresses with 100,000 to 100,000,000 ADA now have the most in their aggregate wallet since November 8th. Today, whale transactions of $100,000+ hit a 12-week high.”
At the time of writing, Cardano is trading at $0.40.
Bitcoin (BTC) network as well witnessed the largest transaction in four weeks with a new wallet receiving $313.1 million of the royal crypt in a single transaction, according to Santiment.
“Eight hours ago, the largest Bitcoin transaction in four weeks took place. This brand new whale address went from nothing to suddenly having ~13,369 BTC (worth ~$313.1 million) after a single transfer. Follow this wallet here as prices swings forward.”
The flagship cryptocurrency is now trading at $23,388, up from $16,531 at the start of the year for a gain of 40%.
Sentiment too says that high-volume transactions are being seen on several altcoin networks, including Loopring (LRC), Aave (AAVE), dYdX (DYDX) and curve (CRV).
“Numbers of large whale transactions are appearing on several altcoin networks today. This does not necessarily mean that a dump is underway, but it does indicate that increased volatility is likely.”
At the time of writing, CRV, the ticker symbol of stablecoin-focused decentralized exchange Curve Finance, is worth $1.09.
At the time of writing, the management token of decentralized exchange dYdX is trading at $3.01.
At the time of writing, LRC, the native token of decentralized exchange Loopring, is trading at $0.40.
At the time of writing, the management token of the decentralized lending platform Aave is worth $88.70.
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Featured image: Shutterstock/Evgeny Ostroushko/AlexRoz
