JAKARTA The price of Cardano (ADA) has soared more than 65 percent since early 2023, according to a Santiment report. The on-chain analytic platform reported that the price increase from 0.24 US dollars on January 1 to 0.41 US dollars on February 2 mainly due to the accumulation of "major whales and whales". A total of 405.85 million ADA has been collected by addresses that have 100 thousand to 100 million ADA since January 1, 2023.
For your information, sharks and whales refer to the term in the crypto world, namely large number of crypto owners, namely whales. While sharks are those who own the second largest cryptocurrency after whales.
Santiment stated that the price spike was reflected in the graph and address which has the highest combined volume since November 8, 2022. This reflects the 12-week high level for whale transactions since the collapse of FTX. This was conveyed by Santiment in his Twitter post on February 4 yesterday.
According to CoinMarketCap, Cardano's market cap jumped from $8.6 billion to $13.8 billion during January 2023, leaving the altcoins ranked 8th largest cryptocurrency by market capital.
Historically, the sudden high volume of whale accumulation can be an indication of a overshadowing price shift. However, it remains unclear which trajectory will be taken by ADA prices in the next few weeks following whale activity and new events in the ecosystem.
Although the Cardano network reported 105 transactions of more than US$100,000 (equivalent to Rp1.5 billion) on February 3, 2023, the ADA price has still fluctuated in the last 24 hours. Currently, ADA is trading at a price of 0.39 US dollars.
According to CoinMarketCap, ADA's price had hit a 24-hour low of 0.38 US dollars before recovering and hitting a high of 0.40 US dollars. There have been many developments in the Cardano ecosystem, including the launch of stablecoin Djed and the publication of on-chain data from January reflecting increased smart contracts transactions on the network.
While there are some fluctuations, it is still very important to monitor recent developments and events in the Cardano ecosystem to see how it will affect ADA prices in the next few weeks.
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