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Cardano (ADA) 65% Surge, Here's Who Might Be Behind

Sat, 02/04/2023 - 13:25
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Tomiwabold Olajide
Whopping 405.85 million ADA has been accumulated
Cardano (ADA) 65% Surge, Here's Who Might Be Behind
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According to Santiment, an on-chain analytics firm, Cardano's rise in 2023 may have been fueled by whale accumulation.

According to it, Cardano whales are showing major signs of life, with the network seeing the highest whale transactions since FTX's collapse. This comes as addresses with 100,000 to 100 million ADA now have the most in their combined wallets since Nov. 8.

On Feb. 4, Santiment observed that large transactions, referring to those that surpass $100,000, had hit a 12-week high.
"Cardano'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," Santiment analysts wrote.

According to the chart attached to its tweet, the Cardano Network is recording the largest $100,000 transaction amount since Nov. 12. Also, a whopping 405.85 million ADA has been accumulated by the key shark and whale addresses since Jan. 1.

At the time of writing, Cardano was marginally up in the last 24 hours. The coin is up 10.1% in the last 14 days, per CoinGecko data.

Cardano's DeFi TVL jumps to multimonth highs

The positive sentiment around the Cardano blockchain is trickling into its DeFi ecosystem, as reflected in the TVL.

Cardano's total value locked, or TVL, is currently $101.38 million per DefiLlama data, an amount that was last seen in mid-August 2022. With the inclusion of staking, the value is even higher at $126.81 million.

Cardano DEXes were seen outperforming for the past month. Optim Finance's TVL is up 114% monthly, other DEXes are recording monthly gains between 27% and 81%.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.