Cardano (ADA) Price Rally
• The world’s eighth-largest cryptocurrency, Cardano (ADA), has seen a 45 percent price rally since the beginning of 2023.
• Whale and shark addresses holding 10k to 10m ADA have accumulated 659.53M ADA, which equates to $235.5M.
• Total number of daily active addresses on Cardano has dropped from 85,000 in November 2022, to now at 62,000 addresses per day.
Surge In Daily Whale Transactions
The good thing about this price rally in ADA is a strong whale activity on the Cardano blockchain network. While the crypto market sentiment has dampened over the last week, while transactions have surged significantly since the beginning of the month. So far in February, the average Cardano whale transactions are approximately 1,700 transactions per day valued at $100k or more – nearly 5x more than last month’s average per day transactions of 300.
Dormant Coins & Active Addresses
However, investors need to observe some other on-chain metrics such as total number of ADA dormant coins continuing to sit for a longer time on the Cardano blockchain – Six months ago, the average amount of time coins sat in an address was 267 days and that number has ballooned to 407 days due to circulation struggles. Similarly, total number of daily active addresses on Cardano has dropped from 85,000 in November 2022 to now at 62,000 addresses per day.
COTI Network And Djed Stablecoin
The COTI Network which is working on Cardano’s native stablecoin Djed announced addition of multi-wallet support for Djed including Flint wallet , GeroWallet , Typhon Wallet , Yeroi Wallet and NuFi . This move by COTI will further push adoption of Djed stablecoin in broader crypto landscape .
Will ADA Price Explode ?
Cardano whales have been accumulating ADA coins ever since collapse of FTX exchange so it can be said that it is bullish sign for investors but they also need to consider other metrics like dormant coins & active addresses before investing . With COTI Network brings multi-wallet support for DJED stablecoin , we can expect cardano prices might explode .