Cardano Whales Accumulate ADA Despite Market Dip
The cryptocurrency market is currently experiencing a correction, with a 3% drop in total market capitalization. However, Cardano ($ADA) whales are taking advantage of the dip and continuing to accumulate. On-chain data shows that Cardano wallets with a balance of 100,000 or more ADA have reached a 16-month high of 25,294, even as the price of ADA dropped 35% from its high earlier this year. This accumulation by Cardano whales is a positive sign for the future of the cryptocurrency.
Unexpected Trading Volume Spikes in Altcoins
In addition to Cardano, other altcoins have seen unexpected trading volume spikes. Santiment has highlighted the meme-inspired cryptocurrency Shiba Inu ($SHIB) and smart contract platform Solana ($SOL) as examples. These spikes in trading volume indicate increased interest and activity in these altcoins, which could lead to future price movements.
Cardano Ranks Third in Development Activity
Cardano has recently ranked third in terms of development activity, behind Polkadot ($DOT) and Kusama ($KSM). Development activity refers to the amount of work completed by a cryptocurrency project’s developers within the past 30 days. This high level of development activity suggests that Cardano is actively working on improving its blockchain technology and ecosystem.
Potential Price Surge for ADA
Cryptocurrency analyst Ali Martinez has pointed out that the price of ADA could potentially surge over 2,900% based on historical price patterns. He observed that Cardano’s native token ADA traded within a relatively stable range for a long period of time before experiencing a significant price surge. Drawing parallels from that time, Martinez suggests that ADA may break out of its current range around February 2024, leading to a potential price explosion.
Hot Take
Despite the current market correction, Cardano’s strong accumulation by whales and its high development activity indicate a positive future for the cryptocurrency. Additionally, the potential for a significant price surge based on historical patterns adds to the optimism surrounding ADA. Crypto readers should keep an eye on Cardano as it continues to make progress and potentially experience significant price movements in the future.
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