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Cardano (ADA) has remained in the spotlight since Grayscale Investments filed for a spot ETF application to track the price of the coin. To complement its growth in the past few days, Santiment, a top data service provider on the market, has shed light on how ADA whales are behind its most sustained growth streak in over a year.
Cardano whales unleashed
According to a new insight from Santiment, ADA saw an 11% jump in market capitalization when most altcoins fell. The outlet pointed out that the actions of whales and sharks are worth watching on the network.
Godfrey BenjaminSince at least late November 2023, Santiment noted that wallets with over one million ADA have sustained their buying streak. These wallets have accumulated 1.41 billion ADA worth over $1.096 billion. This ADA accounts for 2.35% of the entire supply. These Cardano whales have maintained a 15-month streak in their purchase of ADA.
Throughout this period, there has been a visible impact on the coin's price. The Santiment data shows that amid the volatility of the past months, the ADA price has jumped by 107% since the whale accumulation began.
The accompanying chart offers deeper insights into the whale trend. The accumulation from one million ADA holders skyrocketed as the coin's price dropped from its historic high around September 2021.
More ADA price rally ahead?
The growth trend of Cardano is not completely bullish. It faces some corrections along the way to show its volatility. However, ADA whales have more reasons to stack the coin moving forward.
Yuri MolchanBeyond the potential Grayscale and Tuttle Capital 2x Leveraged ETF products, Cardano also implemented the Plomin hard fork recently. This hard fork ushered in community governance, the first of its kind in the broader crypto industry.
Drawing on this, ADA has the right fundamentals to back up the whale accumulation, a trend that may fuel more price growth. At the time of writing, ADA price was trading for $0.7731, down by 4.75%. Despite paring off the massive rally from Feb. 10, ADA remains primed for growth, per analysts' projections.
Yuri Molchan
Arman Shirinyan
Dan Burgin
Vladislav Sopov