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Cardano Whales Rapidly Accumulating, ADA Bull Run Incoming?
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Cardano Whales Rapidly Accumulating, ADA Bull Run Incoming?

Dalmas Ngetich
Dalmas Ngetich
1 year ago
3 mins read
Cardano Whales

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There are encouraging on-chain activities in Cardano. According to Santiment, an on-chain analytics platform, on August 14, there were 25,294 wallet addresses with at least 100,000 ADA, the highest in over 16 months.

The uptick could signal interest, especially considering that prices are under pressure looking at the performance in the daily chart. 

Cardano Whales Accumulating
Cardano Whales Accumulating | Santiment

ADA Whales Accumulating

Looking at Santiment trends, it appears that ADA whales began accumulating as early as June 2022, and the number has been rising steadily ever since. However, amid this encouraging “bullish” signal, ADA prices have fluctuated, edged lower, and diverged with whales’ actions in the past 16 months.

ADA is changing hands at around $0.289 at spot rates, down from $0.465 when whales began loading up in mid-June 2022, as seen below. 

ADA price on August 14 as Cardano whales accumulate| Source: ADAUSDT on Binance, TradingView
ADA price on August 14 on the daily chart | Source: ADAUSDT on Binance, TradingView

There are over 25,000 whales with at least 100,000 ADA of writing in mid-August, up by over 3,000 since June 2022. Overall, and as aforementioned, this is a vote of confidence for Cardano and may signal optimism in how ADA’s future prices could pan out. 

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In crypto, token holders closely monitor whale activity, as their actions often influence market sentiment. Their continued accumulation, for example, of ADA, is an endorsement of a project’s potential and could ignite demand, lifting prices. Conversely, when they offload, it could trigger a sell-off, forcing asset prices lower.

ADA whales are buying more of the coin when Cardano’s market capitalization has been pulling back from 2023 highs. At spot rates, the project’s market cap is down by at least 35%, dropping from $15.76 billion to $10.1 billion as of mid-August. Even so, ADA is one of the most liquid coins looking at the average daily trading volumes and position in the leader board. 

Cardano Building, ADA Resilient But Weak

Presently ranked eighth, Cardano is ahead of Solana and Tron but trailing XRP and Dogecoin in the top 10. ADA is trading at $0.289, down roughly 10% from August 2023 highs. While ADA remains within the June to July 2023 trading range, ADA buyers hold an advantageous position looking at candlestick arrangements in the daily chart.

Despite recent lower lows, sellers have not yet reversed the gains of July 13, a conspicuous bar that shapes the immediate price action.

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Cardano is in the Basho era, where developers look at enhancing scalability and network performance to support intensive decentralized applications (dapps), particularly those in decentralized finance (DeFi). Notable improvements in this phase include pipelining and the release of Mithril, aimed at bolstering network security.

Additionally, Cardano’s leading developer IOG is working on Hydra, a layer-2 solution to boost scalability further using off-chain channels. 

Feature image from Canva, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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