The cryptocurrency sector has been surging of late, and Cardano, the world's eighth largest cryptocurrency by market cap, is no exception.
Over the past seven days, Cardano (ADA) has seen a 25% increase in its price, which appears to be linked to an uptick in trading volumes as well as new address holders.
According to analytics firm Santiment, 28 unique addresses holding more than a million ADA tokens have appeared on the network with over one million ADA stored.
Trading volume for Cardano has also hit a two-month high, according to its data sources.Furthermore, it reports increasing whale transactions, with many investors likely attempting to capitalize on the most recent price spike.
Large whale traders were likely among those responsible for speeding up the rally and driving Cardano closer to entering a long-term consolidation area.
As reported by U.Today, the price of ADA soared roughly 17% on Sunday, with its market capitalization surpassing $11 billion. This let Cardano's native cryptocurrency finally top meme cryptocurrency Dogecoin (DOGE) on crypto ranking website CoinMarketCap.
It was speculated that the move was triggered by whales who wanted to create a FOMO-driven rally.