Santiment is a crypto market analytics and aggregator. The firm has recently issued a report claiming that whale investors have been quietly accumulating massive amounts of ADA to drive its prices. The token was noted to have been trading at a rate of $0.246 on the first day of the current year.
However, the firm noted that at present, the prices of ADA have reached as high as $0.412. As per Santiment, the main reason for positive price appreciation for Cardano is the fact that massive amounts of ADA are purchased by Cardano whales.
As per Santiment, thus far, big players have taken 405.85 million ADA out of the main circulation, estimated to be worth $162.34 million.
Massive Accumulation
Santiment has noted that Cardano native token has accumulated around 105 transactions that are valued at $100K. This number is noted to be the highest traffic and trading activity noted at the Cardano network for the first time since the catastrophic collapse of FTX.
Cardano prices have indicated a gain of 65% since the start of 2023. However, the main driving force behind this rally is the hefty whale accumulation. The addresses that hold 100K to 1000K ADA have added ADA to their combined wallet reserves.
At present, the $100K ADA transactions were noted to be the highest in the last 12 weeks.
Bitcoin made a major recovery at the start of the second week of the current year. On account of the massive market dominance of Bitcoin on the entire cryptocurrency market, it is not a big surprise.
During the last 4 weeks, the trading volume of Bitcoin has surged to the highest levels noted at $313.1 million worth of transfers in a single transaction.
Other noteworthy trading volume eruptions noted by Santiment are LRC, dYdX, CRV, and AAVE, among others. The analysts at Santiment have pointed out that whales are flocking around several altcoins showing up on the radar.
According to the crypto analytics, there are no signs of an approaching dump, but it has warned investors to watch out for a surge in price volatility.