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Breaking News: Binance Founder Suggests President Trump Could Be Satoshi Nakamoto In Latest Statement

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

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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