Blockchain analytics firm Santiment says that massive holders Cardano (ADA) are driving up the price of the eighth-largest crypto asset by market cap.
From trading at around $0.246 on January 1st to $0.412 last week, Santiment says the increase is primarily due to the heavy accumulation of deep-pocketed Cardano investors to the tune of 405.85 million ADA, worth $162.34 million at time of writing.
On Friday, the Cardano network saw 105 transactions worth over $100,000, the highest since crypto exchange FTX collapsed in November, according to Santiment.
“Cardano’s price is up +65% in 2023, and key shark and whale accumulating has had a lot to do with this. Addresses holding 100,000 to 100,000,000 ADA now hold the most in their combined wallets since Nov. 8th. Today, $100,000+ whale transactions hit a 12-week high.”
At time of writing, Cardano is trading at $0.40.
The Bitcoin (BTC) network also witnessed its biggest transaction in four weeks with a new wallet receiving $313.1 million worth of the king crypto 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 suddenly holding ~13,369 BTC (worth ~$313.1 million) after a single transfer. Track this wallet here as prices fluctuate going forward.”
The flagship cryptocurrency is now trading for $23,388, up from $16,531 at the start of the year for a 40% gain.
Santiment also says that high-volume transactions are being witnessed on several altcoin networks, including Loopring (LRC), Aave (AAVE), dYdX (DYDX) and Curve (CRV).
“Big whale transaction numbers are showing up on several altcoin networks today. This doesn’t necessarily mean a dump is in progress, but it does indicate that increased volatility is likely”
At time of writing, CRV, the governance token of stablecoin-focused decentralized exchange Curve Finance, is worth $1.09.
At time of writing, the governance token of decentralized exchange dYdX is trading at $3.01.
At time of writing, LRC, the native token of decentralized exchange Loopring, is trading at $0.40.
At 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
Source: https://dailyhodl.com/2023/02/05/cardano-whales-quietly-fueling-65-ada-rally-this-year-according-to-blockchain-analytics-firm-santiment/