Whales Emerge as Cardano Soars

Cardano (ADA) has surged since January 8 when the coin began a 30% rise from $0.260000 to $0.349516 in less than 24 hours. At time of writing, ADA is down 2.4% to $0.313103 but continues to sustain levels above $0.310000 with an impressive 14-day uptrend that began on Dec 29, 2022, at $0.244315. 

Image source: CoinGecko

Crypto analytics tracker Santiment tweeted “[ADA] trading volume has hit a 2-month high.” The price spike has created 28 new whales according to wallet address holdings.

📈 #Cardano has now jumped an impressive +30% since December 30th. Since the start of the rally, 28 new addresses have popped up on the network that hold 1M or more $ADA. Trading volume has hit a 2-month high, including increasing large whale transactions. https://t.co/6Zli0Q9IcI pic.twitter.com/GgEVOzXOF8

— Santiment (@santimentfeed) January 9, 2023

It is unclear what exactly is driving ADA’s price action. In September, Cardano released its long-awaited Vasil Hard Fork, which optimizes speed, development, and security on the Cardano blockchain. Over the last six weeks, whales have been actively accumulating ADA, sustaining the current uptrend.