Altcoin Cardano Continues to Rally, Whales Accumulate
Cardano (ADA) has been performing well alongside the rest of the crypto market, with its price increasing by 2.47% in the last 24 hours. Currently trading at $0.300 with a market cap of $10.5 billion, ADA has caught the attention of whales who are accumulating more coins.
Cardano Whales Are Accumulating
Data from Santiment shows that dormant Cardano coins have been on the move, indicating that ADA whales have been accumulating once again. The network recorded the highest movement of older wallets holding ADA since April 2022, suggesting a resurgence of coins re-entering circulation. Additionally, wallets containing 100,000 to 10 million ADA are in an accumulation phase.
Impressive Q3 Numbers for Cardano
The recent price rally of ADA is supported by strong Q3 numbers for the Cardano ecosystem. The decentralized finance (DeFi) total value locked (TVL) experienced a significant 198% quarter-over-quarter (QoQ) increase, propelling Cardano to an impressive ranking of 15 from its previous position at 34.
Other key metrics also displayed notable growth during Q3. Average daily active addresses reached 41,137, average daily transactions totaled 60,356, average daily DApp transactions stood at 49,388, and average daily NFT trading volume amounted to $0.6 million. Furthermore, the stablecoin value of the protocol saw a 16% QoQ increase and a remarkable 461% surge in the year-to-date period.
ADA Price Surges Past Key Level
The ADA price has surged past the 200-day EMA at around $0.298, which could lead to increased buying pressure for the cryptocurrency. However, with a daily RSI reading of 78%, there is a possibility that the asset is nearing overbought conditions.
Hot Take: Cardano Gains Momentum with Whales Accumulating
Cardano’s recent rally and impressive Q3 numbers demonstrate its growing strength in the market. With ADA whales accumulating more coins and the price surging past a key level, the cryptocurrency is attracting attention from investors. However, caution should be exercised as the asset may be nearing overbought conditions. Overall, Cardano’s performance in recent times indicates its potential for further growth and success.
Sources: https://twitter.com/
Tweets: https://twitter.com/
Gapster Innes emerges as a visionary adeptly blending the roles of crypto analyst, dedicated researcher, and editorial maestro into an intricate tapestry of insight. Amidst the dynamic world of digital currencies, Gapster’s insights resonate like finely tuned harmonies, captivating curious minds from various corners. His talent for unraveling intricate threads of crypto intricacies melds seamlessly with his editorial finesse, transforming complexity into an eloquent symphony of comprehension. Guiding both intrepid trailblazers and curious newcomers, Gapster’s insights serve as a compass for well-informed decision-making amidst the ever-evolving currents of cryptocurrencies. With the artistry of a linguistic craftsman, they craft narratives that enrich the evolving tapestry of the crypto landscape.
