Cardano Surges by 25% Amid Growing Whale Interest: Is Retail FOMO Next?

A strong rally has been observed in Cardano (ADA), with the cryptocurrency gaining over 25% in the past three days according to data by santiment. This surge has positioned Cardano as a standout altcoin, driven by significant whale activity and heightened network engagement.

🚀 Cardano has been one of the notable surprise altcoins taking flight during this crypto-wide pump. Now up over +25% in the past 3 days, we may be seeing some retail FOMO coming soon. This has been a long time coming for the patient ADA community. pic.twitter.com/Ph2ZFFKnIU
— Santiment (@santimentfeed) November 8, 2024

Cardano Breaks Key Price Level as Whale Transactions Surge

Cardano has crossed the $0.43 mark for the first time since July. Large-scale transactions and increased activity within the Cardano network have primarily fueled this price jump. Over one recent day, the ADA network recorded 37,892 unique address transfers, significantly rising from its low on September 4. Additionally, 697 transactions exceeded $100,000, signalling strong interest from large holders, commonly called “whales,” who may play a critical role in ADA’s upward momentum.

Retail FOMO Could Be Approaching

According to data from Santiment, this 25% rise in ADA’s price could soon attract retail investors, triggering a “fear of missing out” effect (FOMO). The ADA community has shown steady patience and is awaiting a substantial price movement, and the recent rally could encourage new interest from both retail and institutional investors.

Cardano Leads in Development Activity, Adding to Market Appeal

Beyond price performance, Cardano ranks fourth in development activity over the past month, trailing only ICP, LINK, and HBAR. This ongoing developer interest and recent network and whale activity have re-energized the ADA community, which has long anticipated an upward trend. This could begin a new phase for Cardano, characterized by increased retail participation.

Cardano Market Statistics

Cardano’s current market data reflects this positive trend. As of the latest CoinMarketCap report, ADA is trading at $0.4329, with a 24-hour price increase of 18.62%. Its market cap now stands at $15.42 billion, showing an 18.66% growth, while trading volume has surged by 70.16% to reach $900.90 million in the last day.

Cardano’s recent performance signals renewed confidence in the ADA network, which has the potential for further growth as more investors notice.

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.