Blockchain analytics firm Santiment claims that massive Cardano holders (ADA) are driving up the price of the eighth-largest crypto asset by market capitalization.
From around $0.246 on January 1 to $0.412 last week, Santiment said the increase is mainly due to the strong accumulation of deep-pocketed Cardano investors to the tune of 405.85 million ADA, worth $162.34 million at the time of writing.
On Friday, the Cardano network recorded 105 transactions worth more than $100,000, the highest since the collapse of crypto exchange FTX in November, according to Santiment.
“The price of Cardano has increased by +65% in 2023, and the accumulation of sharks and whales has a lot to do with it. Addresses holding between 100,000 and 100,000,000 ADA now hold the most in their combined wallets since November 8. Whale trades over $100,000 hit a 12-week high today.
At the time of writing, Cardano is trading at $0.40.
The Bitcoin (BTC) network too witnessed its biggest transaction in four weeks with a new wallet receiving $313.1 million from the crypto king in a single transaction, according to Santiment.
“Eight hours ago, the largest Bitcoin transaction in four weeks took place. This brand new whale address went from nothing to around 13,369 BTC (worth around $313.1 million) after a single transfer. Follow this portfolio here as prices fluctuate in the future.
The flagship cryptocurrency is now trading at $23,388, up from $16,531 at the start of the year for a 40% gain.
Healing too said that high volume transactions are observed on several altcoin networks, including Loopring (CRL), Aave (AAV), dYdX (DYDX) and Curve (HRV).
“Big Whale transaction numbers are appearing across several altcoin networks today. This does not necessarily mean a dump is underway, but it does indicate that increased volatility is likely”
At the time of writing, CRV, the governance token of Curve Finance, a decentralized stablecoin-focused exchange, is worth $1.09.
At the time of writing, the governance token of the decentralized exchange dYdX is trading at $3.01.
At the time of writing, LRC, the native token of decentralized exchange Loopring, is trading at $0.40.
At the time of writing, the governance token of decentralized lending platform Aave is worth $88.70.
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Featured Image: Shutterstock/Evgeny Ostroushko/AlexRoz
