Cardano Whales Scoop 14 Million ADA, Gearing Up for $0.7?

Cardano

Cardano appears poised for a surge towards the $0.7 price level. This is fueled by whales accumulating 14 million ADA coins within two weeks. The notable interest from cryptocurrency investors is evident in the substantial accumulation of Cardano’s ADA. 

Crypto analyst Ali Martinez shared data indicating this significant whale activity. The data estimated the value of the accumulated ADA at approximately $8.4 million at the time of the tweet. 

This uptrend in accumulation suggests growing confidence in Cardano, hinting at a potential bullish momentum in its price.

Cardano Experiences Surge in Daily Active Addresses

In addition to the accumulation of 14 million ADA by whales within two weeks, Cardano’s performance is further measured by other vital metrics. This progress indicates a rising demand for the ninth-largest cryptocurrency.

Data from the prominent crypto analysis platform, IntoTheBlock (ITB), reveals a substantial increase in daily active addresses on the Cardano network over the past week. 

The latest figures show a surge to 47,930 daily active addresses, marking a notable 12.87% rise within the past 24 hours. 

While commendable, this count falls short of the January 2 peak, which recorded 52,330 daily active addresses. It reflects a 26.09% increase from the 41,500 addresses on December 31, 2023.

Simultaneously, the number of Cardano addresses with zero balance declined from 20,350 on December 28, 2023, to 17,860 on January 2, 2024. This suggests increased user engagement and activity within the Cardano network.

ADA’s Potential Surge to $0.7

The recent accumulation of ADA suggests bullish sentiments among investors, anticipating a rally towards the $0.7 price level for the ninth-largest cryptocurrency. 

ADA is currently priced at $0.56, marking a 1.5% increase in the last 24 hours. Notably, ADA fell short of reaching $0.7 in December 2023. Its closest attempt was on December 14, when it peaked at $0.67 before experiencing a decline below $0.6 shortly after.

With the significant ADA accumulation, there is growing speculation that the cryptocurrency is gearing up for a bullish run towards the coveted $0.7 mark. Meanwhile, the Cardano team remains focused on project development to enhance adoption. 

The previous month, Cardano ranked as the top cryptocurrency project with the highest developmental activities. It recorded an impressive 540 Github commits in 30 days, as per data from Santiment.

Read Also: Cardano Trendline Signals: Buy the Dip or Wait for Breakout? 

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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