The increase in the number of “whales” in the Cardano network is unlikely to be directly related to the growth of the cryptocurrency itself – the ADA price is 35% below its levels at the beginning of the year. Additionally, over the past week, Cardano’s market capitalization has decreased by 5%, and if we consider the market drop on August 17th, it’s down by 12%. It’s possible that cryptocurrency traders are taking advantage of the moment and buying the coin at reduced prices.
Analysts from Santiment note that spikes in activity have been observed not only in Cardano but also in the active trading of Shiba Inu and Solana.
Cryptocurrency analyst Ali Martinez reminds that from 2018 to 2020, ADA traded in a range from $0.10 to $0.028, and then experienced a rally of almost 3,000%. Currently, a similar pattern is emerging – for nearly a year, the cryptocurrency has remained within the range of $0.24 to $0.46. In his opinion, a new parabolic surge in the Cardano price is quite possible.
