Based on the report from on-chain analytics firm Santiment, a slew of new Cardano “shark” and whale addresses are arising amid the surge of Cardano price in early 2023. According to Santiment, there are now twenty new addresses with a minimum of one million Cardano tokens since this year’s commencement.
The data research firm also observes that the transaction volume of Cardano has reached a consistent high for two months. During the weekend, Michael van de Poppe —- a crypto strategist, informed his 644,200 followers on Twitter that ADA needed to rise over $0.30 to resist its downward trend, which it did on Sunday.
At the time of posting, ADA is swapping at around $0.328 and has gained over 31% from December 31st. However, ADA’s recent increase in price is insignificant compared to that of blockchain gaming application Gala (GALA), which has risen well over 155% from December 31st to date.
Moreover, the Ethereum-based game project skyrocketed after the announcement of its plans to produce films starring American actors Mark Wahlberg and Dwayne Johnson. At the peak of the price explosion, GALA has witnessed a 2-month high, with a sharp rise in transactions conducted by Whales worth over $100,000, according to Santiment.
At the moment of writing, the GALA is trading at around $0.0413. However, GALA is still almost 95% below its all-time peak of a little over $0.82, which it reached in Nov 2021.
Cardano Follows Bullish Sentiment, Why ADA Could Become Top 3 Coin
Surprise fills the air as Cardano recorded favorable price levels quickly. Since the market took another dip to get to its present levels, the crypto coin has been under selling pressure. But there has been a positive change for Cardano’s native token lately.
It is up by 4.2% over the past 24 hours and trades at $0.328. The token gained 22.5% in the prior week and is the greatest-performing crypto asset.
On the other hand, the top ten cryptocurrencies were experiencing similar price movements. Cardano, according to a Cardano bull, is underpriced.
Due to stricter macroeconomic conditions, the coin had already suffered from other asset risks. The first time Cardano entered among top-ranking crypto projects was in late 2021, at the peak of the preceding crypto bull market. At the time, the firm responsible for its development released several enhancements and smart contract functionality for the blockchain.
These enhancements are why Cardano is compatible with DeFi (decentralized finance) applications and propelled it to the pinnacle of several performance measures, including monthly developer contributions. The ADA ecosystem has continued to flourish since then with a slew of developer activities.
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