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- What – This February, there has been a significant increase in whale transactions on the Cardano blockchain.
- Why – Wallets holding between 1 million and 100 million ADA have been actively buying and selling the coin.
- What Next – This surge in whale activity has prompted the assumption that a potential rally in ADA’s price could be on the horizon.
Some analysts believe that the increased demand from large investors could lead to a sustained price increase of Cardano, but will it?
Recent Whales Interest In Cardano
According to blockchain analytics firm Santiment, large holders of ADA have recently been accumulating cryptocurrency. Analysts opine that this sudden interest from crypto whales could be a positive sign for ADA’s long-term bullish trend.
Whales are big investors who can move markets with their buying and selling activities. When they start accumulating a particular asset, it can signal a bullish sentiment and indicate confidence in the asset’s forecasts.
Cardano Foundation recently released plans to increase the adoption of blockchain technology. According to the tweet, the CF aims to make the network a strong base for social and financial systems now and in the future.
Furthermore, Cardano has been making progress on its roadmap, particularly after the launch of its smart contract functionality in September 2021 and the release of its Alonzo upgrade. Also, Cardano Daily shared updates on unique account growth on its decentralized applications.
UNIQUE ACCOUNT GROWTH ON CARDANO DAPPS
The chart below showed the growth of the unique accounts in terms of Dapps on Cardano. @Indigo_protocol is having the most significant growth in both the percentage and the numbers, 133% growth with 1.6K accounts.#cardano #account #growth pic.twitter.com/sY7iLtdVJ8
— Cardano Daily (@cardano_daily) February 13, 2023
While replying to the post, a tweeter user stated that the increasing number of unique accounts on Cardano dApps indicates the blockchain’s popularity, success, and growth. These ongoing plans to strengthen the network could drive the current enthusiasm for the coin.
ADA Whale Transactions
Since the beginning of 2023, Cardano (ADA) has remained under traders’ watch. They have seen the price of the coin surge by approximately 45%. The reports have it that the active transactions of the whales are the main reason for its growth.
This is evident from these investors’ increasing number of transactions since the start of February. The reports revealed that the Cardano whales’ average daily transactions were about 1,700 in the first half of the month. These transactions amount to around $100,000 or more, five times greater than those recorded in January.
Notably, Cardano whales and shark crypto accumulation have been rising following the fallout of FTX. According to the report, both holders with about 10k to 10 million ADA tokens now have about 659.53 million ADA accumulation.
However, whale activity may not always be a reliable indicator of future price movements. While the increase in whale transactions could be a positive sign for Cardano, the cryptocurrency market remains unpredictable and subject to various external factors.
Despite this, many Cardano supporters remain optimistic about the project’s long-term potential. They eagerly anticipate a bull run of the token, which its future developments will likely bring. But investors are advised to approach any investment cautiously and conduct the necessary research on their desired digital asset. CoinMarketCap shows that the Cardano coin trades at $0.3826 at the time of writing. Also, its current daily price change stands at 3.06%.
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