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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Cardano Up 30% Since December As 28 New Whales Hold At least 1 Million ADA

Samuel Edyme
Samuel Edyme
2 years ago
3 mins read
Cardano (ADA)

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Though Cardano (ADA) has been gaining traction for a while, the recent accumulated momentum has garnered active buys as data shows the rising accumulation of ADA. ADA’s movement to the upside since last December totaled 30%, as new whales have been reported to be holding at least 1 million ADA tokens in these past few weeks amid the mini bull run.

Regardless of the bear market, Cardano has proved to be a token worth holding both with its utilities and the recent positive news that includes the rapidly growing DeFi and NFT ecosystem of the Cardano Blockchain. 

Cardano Rally Since December 

Late last year, ADA gained traction and purchases from whales. According to crypto analytics platform Santiment, ADA has jumped an impressive 30% in its value since December 30th. 

Santiment Stats On Cardano (ADA)
Cardano (ADA) up by 30% since December as whales accumulate | Source: Santiment

Twenty-eight new whale addresses holding at least 1 million ADA have appeared on the Cardano blockchain since the price surge began, indicating an aggressive asset accumulation from large investors. 

In addition, Santiment mentioned that alongside the token’s upward rally, ADA trading volume and amount of large whale transactions hit 2-month high crushing levels last seen in November. 

Notably, ADA has been down by nearly 90% from its all-time high of $3.09. This recent accumulation resulting in a rally in its price could be what the token needs to recover. In the last 7 days alone, ADA has been up by 25%.

Related Reading

Cardano (ADA)

Cardano (ADA) Up Nearly 20%, Aiming For A Higher High?

2 years ago

Alongside the whole crypto market, ADA has taken advantage of the mini bull run and followed suit in the right direction. Among the largest crypto by market cap, ADA is still the only one making significantly higher highs, following Solana (SOL), which had already gained 43% in the past 7 days. 

Cardano’s Anticipated Catalyst 

While there is still no apparent reason behind the recent active accumulation of ADA, it’s worth noting that the blockchain itself has got big announcements it’s working on, which could be an enticing catalyst enough to attract large investors to buy up the digital asset.

On the main stage at the CardanoSummit2022, the CEO of COTI, Shahaf Bar-Geffen, announced that Cardano is set to Launch an over-collateralized stablecoin which will go live on Mainnet later this month. 

Historically, the launch of stablecoins always ends up being a good enough catalyst or an appealing use case that often results in a significant surge in inflows as it causes on-ramps and off-ramps of funds that keep users within the ecosystem.

Related Reading

Cardano Price

Cardano Follows Bullish Sentiment, Why ADA Could Become Top 3 Coin

2 years ago

Following its spike in accumulation, Cardano decentralized applications have also been seeing a spike in the number of unique accounts. DApps like Genius Yield have so far gained 2,810% growth in unique accounts in the last 5 days. All of these indicate a steady increase in Cardano adoption and decentralized finance activity.

ADA price chart on TradingView
ADA price is moving sideways on the 4-hour chart. Source: ADA/USDT on TradingView.com

Meanwhile, at the time of writing, ADA is continuing in an uptrend, up by almost 1% in the past 24 hours with a trading price of 0.3180 and a 24-hour trading volume exceeding $500 million.

Featured image from Bitcoinist, chart from TradingView.com
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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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