Claim $500Cardano (ADA) Sees Whale Transactions Hinting Another 36% Rally
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”.
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”.
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.
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.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Bitcoin Crash Risk Mounts As Peter Brandt Points to 80% Declines in Every Major Cycle
- Bitcoin Whale Doubles Down on BTC, ETH, SOL Short Positions, $243M at Stake
- IMF and El Salvador in Bitcoin Talks: Progress Made, Compliance Deadline Set
- Trump Media Invests $40M in Bitcoin as Incoming CFTC Chair Signals Crypto Clarity Act Push in January
- Aave DAO Saga Deepens as Alignment Proposal Moves to Snapshot; AAVE Price Down 7%
- Bitcoin Price Prediction As Michael Saylor Pauses BTC Purchase- Is A Fall to $74k Imminent?
- Aster launched Phase 5 Buyback Program Allocating 80% Fees. Will ASTER Price Rally?
- XRP Price Prediction: Rare Bullish Patterns Align With Powerful Catalysts
- Weekly Crypto Price Prediction: Bitcoin, Ethereum, and XRP as Market Momentum Builds
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
