In light of a recent analysis by Santiment, Cardano ($ADA) has been experiencing a wave of optimism and growth, which is riding the altcoin market’s recovery wave. The report has drawn attention to the significant activities surrounding the ADA coin, particularly among the coin’s more substantial holders, termed as “sharks” and “whales.”
Santiment’s latest study spotlights a considerable increase in the activity of dormant ADA coins. This past Monday saw the highest rate of older ADA wallets shifting funds since April 2022, suggesting a changing landscape in the market.
🐳🦈 #Cardano has hit a major dormant coin activity milestone. Monday marked the highest amount of older wallets moving $ADA since April, 2022, indicating more coins are moving back into circulation. 100K-10M $ADA wallets are also accumulating again. https://t.co/TwwQkHZbzA pic.twitter.com/kDjntuV7AS
— Santiment (@santimentfeed) October 31, 2023
Furthermore, over the past two weeks, entities holding between 100k to 10 million ADA have accumulated an impressive 43.71 million ADA. This surge takes their holdings to approximately 33.71% of Cardano’s supply.
One can’t help but notice the confidence these substantial ADA holders are displaying, and their actions could be a harbinger of a bullish future for Cardano. With these big players scooping up such large quantities, there’s a strong belief in ADA’s potential in the coming months.
The current positive trajectory of the altcoin market has placed Cardano in a promising position. As of October 19, the Total Value Locked (TVL) of Cardano was pegged at about $153 million.
In the subsequent period, its price witnessed an approximately 23% spike, positioning it close to the 30 cents mark by Tuesday. Furthermore, there’s been a noticeable 51% increase in its average daily trading volume over the past day, hinting at a rising demand, particularly from institutional investors seeking diversity in their crypto portfolio.
Currently, Cardano is trading at $0.293779 with a 24-hour trading volume standing at $157,340,205. Cardano has seen a modest uptick of 0.71% within the last day. On the CoinMarketCap rankings, Cardano comfortably sits at the #8 spot.
