Cardano (ADA) Sees Whale Transactions Hinting Another 36% Rally

Bhushan Akolkar
February 8, 2023
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Cardano Price Analysis: How To Navigate ADA's Roadmap To $1 In March

The crypto markets have bounced back strongly this year in 2023, and altcoins particularly have been enjoying a gala time. Cardano’s native cryptocurrency ADA has rallied by more than 60% since the beginning of the year and is currently trading at $0.399 with a market cap of $13.8 billion.

The recent price pullback in Cardano comes amid a strong surge in whale numbers. The $100K+ whale transactions have touched a multi-week high. Speaking on the development, on-chain data provider Santiment reported:

“Cardon’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”.

Courtesy: Santiment

Cardano (ADA) Set For 36% Price Gains?

Since May 2022, the last week witnessed the largest $100K+ transactions while registering the most whale activity in nine months. As per the historical charts, the last time this happened, the ADA price rallied by more than 36%. Since the beginning of 2023, 36 such addresses holding anywhere between 1 million to 100 million ADA coins have been added. As Santiment reports:

“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”.

Courtesy: Santiment

Another major development in the Cardano ecosystem is its own decentralized exchange SundaeSwap has initiated a significant step in the governance model. Recently, SundaeSwap Labs proposed the use of non-blockchain-based audible governance technology that comes with a set of rules for consideration, voting and approval of proposals for the platform’s future.

The submission of these rules shall happen by February 19, 2023. Those willing to suggest changes should have at least 10,000 SUNDAE tokens worth around $200 as per the current price. However, to cast a vote, investors can have any amount of SUNDAE tokens.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.