Cardano (ADA) Gains More than 5% as Whale Activity Soar on the Network

The Cardano Network (ADA) experienced a spectacular uptick in whaling deals since early February with an average of around 1,700 transactions per day worth of whopping $100k or more. At the same time, the ADA jumped more than 5% in the last 24 hours on record highest return in the last 18 months.

Following a brutal 2022, the cryptocurrency market has posted exponential gains over the past few days. Bitcoin (BTC) surged to its highest level since August following a tepid Consumer Price Index (CPI) that made investors feel less anxious about the future of the US economy and the Fed’s next monetary policy move. Ethereum (ETH) along with major altcoins have also managed to post impressive gains overall. Global crypto market capitalization jumped more than 8% in the last 24 hours to $1.11 trillion.

The total crypto market volume over the last 24 hours skyrocketed by nearly 26% to $74.24 billion. Despite regulatory pressure, the crypto market has been on the rise significantly after the United States Stock Exchange Commission (SEC) proposed new rules that could put pressure on digital asset platforms.

Cardano Makes A Fiery Comeback

According to on-chain analytics platform Santiment, there has been a huge increase in the number of whale transactions taking place on the Cardano blockchain over the past few weeks. Cardano whale activity is increasing more than massively 460% compared to the previous month. The analytics platform keeps track of that key Cardano’s stakeholders are highly accumulated cryptocurrency since the collapse of FTX, in November.

Moreover, the sharp increase in activity has placed Cardano (ADA) in second place among the leading smart contract crypto projects by staking market capitalization, recording a valuation of $10.4 billionas well as in terms of GitHub development activity, with more than 701 events. Santiment wrote,

“Since the FTX collapse on November 9, addresses of whales and sharks harboring 10,000 to 10 million ADA have accumulated 659.53 million ADA, which is equivalent to $235.5 million. This turnaround coming from a key Cardano stakeholder is a great sign.”

Recently, Input Output Global (IOG), the organization behind the Cardano blockchain, launched valentine upgrade for its Standards for Efficient Cryptography (SECP) primitive on the Cardano mainnet. This new update will allow developers to use a wider suite of native multi-signature designs to build secure and cost-effective decentralized applications (DApps). It seems that Valentine Upgrade will seek to increase interoperability in the network to drive blockchain growth.

ADA rocket

The recent announcement has seen the price of the Cardano protocol native digital currency (ADA), up nearly 6% over the past 24 hours to $0.40. The digital token is up 4.85% over the last seven days as the broader crypto market surges despite regulatory hurdles.

As per CryptoCompare’s latest Asset Report, the recent rally marked the first increase in trading volume that Cardano |(ADA) has seen in almost 13 months in “a much needed rebound after hitting its lowest monthly trading volume since October 2020 in December 2022.”

However, Santiment also noted that despite the spike in whale activity, the number of daily unique addresses interacting with the smart contract platform has seen an increase. a sharp drop of 27%. he added,

“We’re seeing some very encouraging increases in the number of daily unique addresses interacting on the ADA network. But after seeing 85,000 addresses move Cardano daily in November, that number has fallen to around 62,000 addresses per day now.”