- ADA whales accumulate 560 million ADA worth $218.4 million over the past two weeks.
- Cardano’s YTD gains reach 56% hitting the press time price of $0.39.
Whales have been accumulating Cardano’s native token, ADA, over the past two weeks, according to on-chain data shared by crypto analyst and trader Ali Martinez. During this period, ADA whales holding between 100 million to 1 billion ADA have managed to accumulate 560 million ADA, worth around $218.4 million. This is a bullish signal for ADA’s growth potential, particularly as the broader cryptocurrency market has shown signs of recovery in the past month.
Despite the token’s inability to break above the crucial resistance mark of $0.40, Cardano’s YTD gains have reached 56%, pushing its press time price to $0.39. The launch of Cardano’s native Djed stablecoin played a significant role in improving investor sentiment, leading to a sudden spike in whale transactions. The network has also seen a steady rise in total addresses, with 4.44 million addresses holding a balance and 37.51 million zero-balance wallets.
This accumulation trend among ADA whales signals a bullish sentiment that could boost investor confidence in ADA’s growth potential. However, it’s important to note that while whale accumulation can indicate positive sentiment, it does not necessarily guarantee price appreciation. Market conditions can change quickly, and investors should always do their own research before making investment decisions.
Recent developments in the Cardano ecosystem have also contributed to ADA’s growth potential. The network recently got its first-ever oracle integrator, dubbed “Charli3,” which integrates the platform’s oracles with leading Cardano-based decentralized finance (DeFi) platform Liqwid. Paima Studios also released new cross-chain network integration that allows users to play on-chain games using ADA tokens, boosting the network’s utility and user adoption.
Moreover, Input Output Global (IOG) rolled out a valentine upgrade for its Standards for Efficient Cryptography (SECP) primitives on the network’s mainnet. This update allows developers to leverage a broader range of native multi-signature designs to build secure and cost-effective decentralized applications (DApps).
While the Cardano ecosystem has faced significant criticism in the past for continued delays and network updates, recent developments have shown positive growth potential for the platform. The steady whale accumulation and network growth demonstrate the increasing adoption and utility of Cardano’s ecosystem, potentially boosting ADA’s long-term value.
However, ADA still faces significant competition from other smart contract platforms such as Ethereum and Binance Smart Chain, which have already established themselves as popular choices for DeFi and NFT applications. Investors should carefully consider the risks and potential rewards of investing in ADA and other cryptocurrencies before making any investment decisions.