Cardano (ADA) has recently witnessed a remarkable surge in the number of old addresses transferring ADA. Old wallet activity has not been this high since April 2020.
According to data from Santiment, a market intelligence platform, this shift in ADA coincides with a resurgence in dormant coins, reminiscent of April 2022. This indicates a substantial awakening among ADA whales, which bodes well for the ecosystem.
The data reveals multiple instances of ADA movements that correlate with the age of dormant coins. The first surge occurred on August 30, followed by another from September 23 to October 1. The most recent surge is the largest, emphasizing the resurgence of the whales within the Cardano network.
🐳🦈 #Cardano has hit a major dormant coin activity milestone. Monday marked the highest amount of older wallets moving $ADA since April, 2022, indicating more coins are moving back into circulation. 100K-10M $ADA wallets are also accumulating again. https://t.co/TwwQkHZbzA pic.twitter.com/kDjntuV7AS
— Santiment (@santimentfeed) October 31, 2023
What the Data Says About the Whales
Santiment’s data provides valuable insights into the activities of ADA whales and sharks in the past two weeks. These top traders, holding between 100,000 to 10,000,000 ADA, have collectively accumulated a staggering 43.71 million ADA in this short span. As a result, these addresses now control 33.43% of ADA’s total supply.
Over the past year, Cardano has experienced a substantial increase in wallet activity. Wallet activity is a crucial metric for assessing network growth, and this surge highlights Cardano’s growing adoption. Data from IntoTheBlock indicates that Cardano’s total addresses now amount to 4.46 million ADA.
In the last year, the count of daily active addresses has remained a pivotal metric for Cardano Founder Charles Hoskinson to gauge the blockchain’s growth. According to IntoTheBlock’s data, the current daily active users stand at 37.57K.
ADA is poised to conclude October on a high note. It began the month around $0.25 but has risen 14.8% over the last 30 days. ADA is currently trading at $0.2923, down 1.99% in 24 hours. At $284 million, ADA’s 24-hour trading volume is up 33.69%. However, its market cap is down 2.1% over the same period, at $10.29 billion.
Looking to the future, an analyst recently identified a several-month-long accumulation phase that ADA has been trading in. The resulting surge could send ADA up by 165x, sending it to a new all-time high. ADA’s price has climbed in the past month, and the community hopes it can keep the momentum going as we get closer to the end of the year.
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.
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