• Cardano (ADA) has seen a 45% price increase since the start of 2023 and is currently trading at $0.3565.
• Whale and shark addresses holding 10k to 10m ADA have accumulated 659.53M ADA, equivalent to $235.5M.
• COTI Network’s multi-wallet support for Djed stablecoin will boost adoption in the broader crypto landscape.
Cardano Price Surge
Cardano (ADA), the eighth-largest cryptocurrency in the world, has experienced a surge in its price since the beginning of 2023. Currently trading at $0.3565 with a market cap of $12.3 billion, ADA has seen a 45 percent price increase so far this year.
Whale Activity
The good news is that whale activity on the Cardano blockchain network has risen significantly since January 2021, with average daily transactions increasing fivefold from 300 to 1,700 transactions valued over $100K each day. Additionally, whale and shark addresses holding between 10K to 10M ADA coins have cumulatively accumulated 659 million ADA tokens worth about $235 million USD.
Dormant Coins
However, there are also some concerning signs as total number of dormant coins continues to sit for an extended period on the Cardano blockchain network – having increased from 267 days six months ago up to 407 days now – while total daily active addresses on Cardano have dropped from 85 thousand in November 2022 down to 62 thousand today.
COTI Adds Wallet Support
The COTI Network recently announced multi-wallet support for Djed stablecoin which will help boost adoption within the crypto landscape through wallets such as Flint, GeroWallet, Typhon Wallet, Yeroi Wallet and NuFi just to name a few.
Conclusion
While whale activity could be seen as bullish by investors looking towards Cardano (ADA), it’s important that they also pay attention to other on-chain metrics such as dormant coins and daily active addresses which might indicate a slowdown in usage or interest for the cryptocurrency token itself over time if left unchecked.