Cardano Spikes 10%, ADA’s Network Activity Increases

In a major turnaround for altcoins, Cardano (ADA), Terra (LUNA) and Avalanche (AVAX) have seen a sharp increase in values during the past 24 hours. ADA regained a major milestone of the $30 billion market cap on Wednesday after a spike of approximately 11%.

Additionally, whale addresses on the Cardano network enhanced their activities during the recent weeks. According to Santiment’s on-chain data, ADA addresses with holdings between 10k and 100k coins have increased their assets by 6% since the start of January 2022.

“Cardano shark addresses holding 10k to 100k ADA have historically done a pretty outstanding job at calling tops. And, over the past 5 weeks, these addresses have added 6% more of the overall ADA supply,” Santiment noted.

While the overall count of whale ADA transactions ($100,000 or more) has decreased gradually since August 2021, a recent spike was observed during the last 48 hours. In terms of market cap, ADA currently stands at the 7th spot in the list of the world’s top 10 digital currencies.

Cardano Whales

The accumulation pattern by ADA whales was not the same across all groups. For example, the group with Cardano holdings between 100k and 1 million ADA dumped a large part of the supply in the past three months.

“The group of addresses holding between 10,000 to 100,000 has been growing rapidly. However, the group above that holds between 100,000 to 1,000,000 ADA has dumped from 37.0% to 17.7% of the supply held in just the past three months. These two very opposite directions seemingly wipe each other out, and create a mostly neutral indicator,” the on-chain analytics firm added.

2022 started on a tough note for crypto assets. With a market cap dip of almost $1 trillion, most of the digital currencies are still down by almost 50% from their all-time highs.