Cardano has scored many wins since the year 2023. The Blockchain is one of the few proof of stake chains constantly making waves across the cryptocurrency market.

Cardano has just hit yet another significant milestone. According to new reports from the Santiment intelligence platform, the number of Cardano whales on the entire network has skyrocketed in 2023.

Santiment also observed that 36 more 1 million to 100 million ADA addresses had been added since the start of 2023. 

In addition to the new development, large transactions on the network have also notably broken out. 

As seen in a tweet shared by Santiment ; 

“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.”

If the same pattern repeats itself, as Santiment noted in its tweet, the price of ADA will likely react positively in the long term.

ADA’s price performance looks very promising

In the meantime, the price of ADA has shot up over 56% since the start of 2023, as shown in the technical chart shared by Santiment. 

The report comes shortly after Cardano’s price topped 65% this year. Santiment traces the massive price upswing back to increased whale activity on the Cardano platform. Whale accumulation has risen over time as top holders in the Cardano market have continued to stack up on their ADA tokens.

“Cardano’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.”

At the time of this report. ADA’s price reflects that the bulls have built and sustained momentum over the past few days.

ADA has also managed to sustain gains within the last 12-days, according to data from CoinMarketCap.

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Filed under: Bitcoin - @ February 9, 2023 8:19 pm