Intriguing on-chain data about the behaviours of whales on the network are being presented by Cardano (ADA). ADA whales and sharks owning between 100,000 and 10,000,000 ADA coins have re-accrued to their highest level since September 2022, according to data from the cryptocurrency analytics website Santiment.
Santiment noted that as the price of Cardano crossed the $0.29 threshold, the accumulation intensified considerably.
While it looks that whales have resumed their astonishing levels of accumulation, the crypto analytics company revealed that an increase in transaction traffic on the Cardano blockchain indicates that more on-chain operations are typically taking place. For the previous six months, there has been a noticeable increase in this statistic almost every week.
Some more pressing problems have been put into question by the Cardano price surge in comparison. Cardano is now trading at $0.2923, up a negligible 0.53% from the time of writing in one of its infrequent attempts to reverse the more than 5% loss it suffered over the previous seven days.
Potential pump underway?
It is clear that Cardano whales are actively working to boost the coin’s price and maybe push it to a record high. Since a significant price surge typically precedes accumulation, particularly persistent accumulation, ADA whales could play a key role in reviving the currency in the near future.
Given that the Cardano developer ecosystem has been hard at work creating new products and updating the main Cardano chain in an effort to improve overall performance and efficiency, the incentive to keep purchasing ADA is not implausible.
More relevant items that can increase the usability and demand of ADA are in the works with the introduction of its Light wallet, Lace, and other like products.
