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Cardano Ecosystem

Watcher Guru

11/07/2023

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Cardano Whales Go on 80M ADA Buying Spree Ahead of Price Breakout

Following weeks of consolidation, Cardano whales sprang into action in late October, scooping up 80 million ADA worth about $28 million. The increased accumulation appears to be driving ADA’s price...

Cardano Whales Go on 80M ADA Buying Spree Ahead of Price Breakout

Following weeks of consolidation, Cardano whales sprang into action in late October, scooping up 80 million ADA worth about $28 million. The increased accumulation appears to be driving ADA’s price breakout.

According to on-chain analytics provider Santiment, wallets holding between 1 million and 100 million ADA grew their holdings from 5.62 billion to 5.7 billion ADA in the past 10 days.

The added 80 million ADA at current prices equates to a nearly $28 million spending spree by these major players. The coordinated purchasing fueled ADA’s rise above key resistance around $0.30.

Also read: Nearly Half of CFTC Cases in 2023 Targeted Crypto

Whale activity aligns with Cardano Summit

This whale activity aligned with last week’s high-profile Cardano Summit event held in Dubai. The summit generated a surge in social media and investor interest in ADA.

According to Santiment, Cardano’s social dominance spiked to 1.72% on November 7th, a 3-month high. The social dominance figure is its share of discussions compared to top crypto assets. The elevated social volume indicates heightened community engagement.

Also read: Shiba Inu Burn Rate Skyrockets, Surges 36210%

Increased attention to the network following a successful showcase of ecosystem development and adoption progress could bolster bullish sentiment.

Between major whales stockpiling ADA and excitement from the pivotal conference, Cardano appears primed for a sustained price expansion after months of rangebound action.

The combination of strengthening network fundamentals, community enthusiasm, and large-scale investor accumulation provides the necessary ingredients for ADA’s next leg up.

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