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Amid a broad recovery in the cryptocurrency market, Cardano (ADA) has marked a notable increase in whale transactions, reaching a peak unseen since November 8, 2023. Recent data from Santiment, a cryptocurrency analytics platform, reveals that there have been approximately 1,776 transactions involving sums over $100,000. This surge in large-scale activities correlates with historical instances of potential price reversals. Despite a significant 43% drop in ADA’s market capitalization since March 13, these spikes in whale activity hint at an emerging optimistic trend for the cryptocurrency.
While the overall crypto market flourishes, with a 1.49% increase in total market cap to $2.34 trillion, led by Bitcoin (BTC), ADA’s unique position is further highlighted by the contrasting behavior in wallet activities. Over the last three months, the number of “non-empty” Cardano wallets has slightly decreased by 0.13%, whereas Bitcoin and Dogecoin have seen an increase in active wallets by 2.6% and 13.8%, respectively. This pattern suggests that despite the decline in general wallet activity, the growth in whale transactions could be a precursor to a significant price movement for ADA.
