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Cardano (ADA) Whales Now Hold Highest Levels of ADA: Pump Incoming?

Tue, 08/08/2023 - 08:18
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Godfrey Benjamin
More whale activities are now on record on Cardano with positive upside for price
Cardano (ADA) Whales Now Hold Highest Levels of ADA: Pump Incoming?
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Cardano (ADA) is showcasing intriguing on-chain statistics as concerns the activities of whales on the network. Data from crypto analytics platform Santiment showed that ADA whales and sharks holding between 100,000 and 10,000,000 ADA coins have accumulated back to their highest level since September 2022.

Here's What's Next for Cardano (ADA) as Token's Price Seems Ready to Explode

Santiment pointed out that the accumulation became quite profound when the price of Cardano crossed the $0.29 level.

While it appears that whales are back to their remarkable accumulation levels, the crypto analytics provider showed that more on-chain activities are generally ongoing on the Cardano blockchain, as shown in the uptick in transaction volume. This metric has notably been rising nearly every week for the past six months.

The comparative price growth of Cardano has called into question some more salient concerns. At the time of writing, Cardano is changing hands at a price of $0.2923, up by a marginal 0.53% at the time of writing in one of its rare attempts to pare off the more than 5% loss it picked up in the trailing seven-day period.

Potential pump underway?

It is very obvious that Cardano whales are on a targeted mission to help revive the price of the coin and, perhaps, take it to a new high. Accumulation, and especially sustained accumulation, always precedes a major price run and, as such, ADA whales may be instrumental in helping to reignite the coin in the near term.

Cardano (ADA) Ecosystem Has Finally Arrived, ADA Community Activist Says

The motivation to keep buying ADA is not far-fetched, seeing as the Cardano developer ecosystem has been hard at work developing new products and upgrading the core Cardano chain in a bid to boost overall performance and efficiency.

With the launch of its Light wallet, Lace, and other similar products, more relatable products that can boost the utility and demand of ADA are underway.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.