Cardano whale activity up 10x; Will ADA break the $1 barrier?
The post Cardano whale activity up 10x; Will ADA break the $1 barrier? appeared on BitcoinEthereumNews.com.
As the market started to get exciting with several cryptos registering green, Cardano (ADA) also stood out, showcasing notable developments Cardano has seen a significant surge in whale activity recently, leading to speculation about its future price potential. Market intelligence platform IntoTheBlock revealed in an X (formerly Twitter) post that Cardano whales—those holding between 100 million and 1 billion ADA—have added 11% more ADA to their holdings over the past month. These large investors now control 6.71% of the total ADA supply, indicating a bullish sentiment The increase in whale holdings is often seen as a precursor to a price rally. Large-scale purchases by these investors can lead to significant price movements. Retail investors are also showing strong interest in ADA. Data from IntoTheBlock reveals a bullish bid-ask volume imbalance and an uptick in the ‘InThe Money’ metric. This indicates that most investors are currently profiting from their ADA holdings. Growing optimism in the Cardano ecosystem Confidence in Cardano is growing. DeFiLlama reports an increase in Total Value Locked (TVL) on the Cardano network over the past week. Additionally, trading volume on the network has increased, suggesting that more users are actively trading ADA. However, despite the bullish outlook, there are concerns about declining user activity on the Cardano network. Data from Artemis shows a significant drop in daily transactions, now around 48,000 compared to 96,000 two months ago. Daily active addresses have also decreased, recently dipping below 34,000. These trends raise questions about the network’s current usage and adoption despite the overall positive sentiment regarding ADA’s price potential. ADA price analysis At press time, Cardano is trading at $0.4791 with a market capitalization exceeding $17.09 billion, making it the 10th largest cryptocurrency. However, a change might be on the horizon. World of Charts highlighted that ADA’s price recently broke…
Filed under: News - @ May 19, 2024 12:18 pm