Cardano (ADA) Sees Whale Transactions Hinting Another 36% Rally
The crypto markets have bounced back strongly this year in 2023, and altcoins particularly have been enjoying a gala time. Cardano’s native cryptocurrency ADA has rallied by more than 60% since the beginning of the year and is currently trading at $0.399 with a market cap of $13.8 billion.
The recent price pullback in Cardano comes amid a strong surge in whale numbers. The $100K+ whale transactions have touched a multi-week high. Speaking on the development, on-chain data provider Santiment reported:
“Cardon’s price is up +65% in 2023, and key shark & whale accumulating has had a lot to do with this. Addresses holding 100K to 100M $ADA now hold the most in their combined wallets since Nov. 8th. Today, $100k+ whale transactions hit a 12-week high”.
Cardano (ADA) Set For 36% Price Gains?
Since May 2022, the last week witnessed the largest $100K+ transactions while registering the most whale activity in nine months. As per the historical charts, the last time this happened, the ADA price rallied by more than 36%. Since the beginning of 2023, 36 such addresses holding anywhere between 1 million to 100 million ADA coins have been added. As Santiment reports:
“Cardano whale numbers have risen in 2023, and large transactions have notably broken out. The last time there were this many $100k+ $ADA transactions was in May, & its price jumped +36% from the beginning of that week until its local top in early June”.
Another major development in the Cardano ecosystem is its own decentralized exchange SundaeSwap has initiated a significant step in the governance model. Recently, SundaeSwap Labs proposed the use of non-blockchain-based audible governance technology that comes with a set of rules for consideration, voting and approval of proposals for the platform’s future.
The submission of these rules shall happen by February 19, 2023. Those willing to suggest changes should have at least 10,000 SUNDAE tokens worth around $200 as per the current price. However, to cast a vote, investors can have any amount of SUNDAE tokens.
The post Cardano (ADA) Sees Whale Transactions Hinting Another 36% Rally appeared first on CoinGape.