Cardano Sharks In Strong Accumulation, Will ADA Price Rally?
The world’s ninth-largest cryptocurrency Cardano (ADA) has witnessed some major price movements over the last few months. However, the ADA price has been subject to a broader market correction and is down by nearly 14% over the last week.
But on-chain data provider Santiment shows that the Cardano shark addresses have been steadily accumulating even after the implosion of the crypto exchange FTX last month. This cohort of Shark Addresses now holds more than 4 Billion ADA coins. On-chain data provider Santiment reported:
Key #Cardano sharks have been accumulating steadily since June. And they have taken this level of dip buying to a new level since the #FTX fallout in early November. Addresses holding 10k to 100k $ADA have added $83M worth of coins since November 7th.
As of press time, Cardano ADA is trading 2.8% up at a price of $0.26 and a market cap of $8.9 billion. This altcoin still continues to hold its position among the top ten cryptocurrencies by market cap.
How Has 2022 Been for Cardano?
On the blockchain front, the Cardano team has brought some major improvements to the blockchain. The Cardano Foundation recently published a few insights into their performance and growth this year in 2022.
🎊2⃣0⃣2⃣2⃣ HIGHLIGHTS🎊
After an incredible year, we are excited to share some of our highlights with you!#CardanoCommunity #CardanoFoundation #Cardano #Blockchain pic.twitter.com/rQQ6Wwzn7X
— Cardano Foundation (@Cardano_CF) December 21, 2022
As per the data furnished, the Cardano Improvement Proposals (CIPs) saw a 100% growth this year. There were around 50 reviewed proposals, 38 new CIP authors, 155 pull requests, and much more in 2022.
As per the Cardano Foundation, the Plutus smart contracts scripts have jumped by nearly 400% this year in comparison to 2021. The total number of Plutus scripts has surged to 4,445. The native tokens have jumped to 7.3 million with a 192% increase since 2021.
The number of transactions on Cardano this year jumped by 139% reaching 57 million. Similarly, the overall number of wallets has surged by 47% to 3.8 million. Overall, the blockchain is performing pretty well in terms of new developments.
However, as the ADA price hovers around 25 cents, the question is when shall Cardano touch $1?
- Bloomberg Analyst Says XRP ETF Approval Odds Now 100% as Expert Eyes $33 Rally
- Hester Peirce Says US SEC Willing to Foster DePIN and RWA Tokenization Projects
- SEC Chair Paul Atkins Says Crypto Is Top Priority At SEC CFTC Roundtable
- Legal Expert Breaks Down XRP’s Appeal as Ripple SWIFT Debate Heats Up
- Crypto Stakeholders Push Back as Banks Seek Yield Ban Provision in CLARITY Act
- Dogecoin Price Prediction – Chart Set-Up Highlights Perfect Buying Opportunity With Outflows Backing $0.45
- Bitcoin Price Set to Rebound Ahead of US Government Shutdown, NFP Data
- XRP Price Prediction: How XRP Could React After October 2025 SEC ETF Decisions
- Aster Price Prediction as US President Adds $110M Worth of Tokens to His Portfolio
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
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.
