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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.
🐳🧐 As #Cardano sits just above $0.29, whales and sharks holding between 100K-10M $ADA have accumulated back to their highest level since September, 2022. Additionally, #onchain transaction volume has been rising nearly every week for the past 6 months. https://t.co/x9mUHDIhnx pic.twitter.com/X9WphDpPvy
— Santiment (@santimentfeed) August 8, 2023
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.
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.
Arman Shirinyan
Gamza Khanzadaev
