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.

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?