Santiment: Crypto Whales Accumulate Cardano (ADA) at Highest Level in Almost a Year
According to market analytics firm Santiment, crypto wallets holding $10,000 to $100,000 worth of Cardano (ADA) have recently accumulated the largest amount of ADA in nearly a year. The data shows that whales and sharks have added an additional $116.1 million in ADA since May. Additionally, transaction volume on ADA has surged to over $67 billion.
Key Points:
– Whales and sharks holding between 100,000-10 million ADA have accumulated back to their highest level since September 2022.
– On-chain transaction volume has been consistently rising for the past 6 months, indicating increased activity on the Cardano network.
– Altcoins such as Solana (SOL), Toncoin (TON), and Hedera (HBAR) could also experience a rally as Bitcoin breaches $30,000.
– Profit-taking for Bitcoin is currently at its highest in over three weeks, suggesting growing confidence in the crypto markets.
Santiment’s analysis suggests that affluent crypto investors are buying ADA at its discounted price, following the SEC’s claim that the asset is a security. Cardano is currently trading at $0.30, with a 2.22% increase in the last 24 hours.
Hot Take:
The accumulation of ADA by crypto whales and sharks, along with the rising transaction volume, indicates growing confidence and activity in the Cardano network. As Bitcoin’s price stabilizes, altcoins like ADA, SOL, TON, and HBAR may see further gains in the near future.
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