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Cardano (ADA) Experiences Increased Whale Activity, Market Watchers Take Note

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  • What – The value of Cardano (ADA) transactions involving amounts greater than $100,000 has recently reached its highest level in nine months, last seen in May 2022.
  • Why – It’s crucial to remember that the cryptocurrency market is subject to change and can be influenced by numerous factors, and past performance does not predict future results.
  • What Next – This increase in large transactions may indicate a growing interest in cryptocurrency.

The cryptocurrency market has experienced a robust rebound in 2023, particularly with the rise of altcoins like Cardano. Cardano’s ADA, in particular, has seen a surge of over 60% in value since the start of the year, currently trading at $0.39 and boasting a market capitalization of $13.8 billion. Despite this impressive growth, it is essential to remember that the cryptocurrency market is highly volatile and subject to rapid fluctuations in price.

The recent decline in Cardano’s price has coincided with a marked increase in the number of whales active in the market. Data from on-chain provider Santiment shows a multi-week high in transactions valued at $100K or more, suggesting a surge in large investor activity. While the influence of whales on the cryptocurrency market is widely acknowledged, it remains crucial to closely monitor their actions as they can substantially affect the price of digital assets.

“Cardon’s price is up +65% in 2023, and key shark & whale accumulating has had a lot to do with this. Addresses holding 100K to 100M $ADA now hold the most in their combined wallets since Nov. 8th. Today, $100k+ whale transactions hit a 12-week high”.

Cardano (ADA) Experiences Increased Whale Activity, Market Watchers Take Note
Source: Santiment

Is Cardano Set For A Bull Run?

The information from Santiment suggests that the increase in whale activity in the Cardano market is a significant development and could potentially lead to a price rally for ADA. The addition of 36 new addresses holding substantial amounts of ADA further underscores the influence of large investors in the market. It is important to monitor this trend as the actions of whales can substantially impact the cryptocurrency’s price.

“Cardano whale numbers have risen in 2023, and large transactions have notably broken out. The last time there were this many $100k+ $ADA transactions was in May, & its price jumped +36% from the beginning of that week until its local top in early June”.

Cardano (ADA) Experiences Increased Whale Activity, Market Watchers Take Note
Source: Santiment

The Cardano ecosystem has seen a significant advancement with the proposal of a new governance model for its decentralized exchange, SundaeSwap. SundaeSwap Labs has proposed implementing non-blockchain-based audible governance technology, which includes a set of guidelines for considering, voting on, and approving proposals for the platform’s future.

This proposal is a significant step forward in developing the Cardano ecosystem and demonstrates the commitment to continuously improving the platform for users. The adoption of this new governance model has the potential to enhance the decision-making process and ensure the long-term success of SundaeSwap.

The submission of the new governance rules for SundaeSwap is due by February 19, 2023. Investors wishing to suggest changes must hold at least 10,000 SUNDAE tokens, valued at approximately $200 based on current prices. However, the ability to cast a vote is open to all investors, regardless of the number of SUNDAE tokens they hold. This proposal provides all SUNDAE token holders with the opportunity to have a voice in the decision-making process for the future of SundaeSwap.

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