Santiment, a cryptocurrency analytics firm, has reported a spike in high-volume transactions on the Cardano network, indicating significant interest from whales. According to the report, Cardano whale transactions increased to 539 transactions above $100,000 as of February 20, demonstrating a bullish trend for the whales.
The cryptocurrency has also recorded a notable increase in whale activity, showing positive market sentiment and increasing its market cap to overtake Binance USD (BUSD) as the seventh-largest cryptocurrency, according to CoinMarketCap.
Cardano’s Network Development on the Rise
Cardano recently came in third place for cryptocurrency asset development activity, recording a massive 506.37 developer volume over the past thirty days, surpassing even Ethereum. However, Cardano is outranked by Polkadot (DOT) and Kusama (KSM), which hold the first and second ranks, respectively.
Despite the increase in whale interest, developer activity, and network developments, the price of ADA is currently trending in the opposite direction. At the time of writing, the price of ADA is trading around $0.388, a 7.7% decrease from its seven-day high of $0.41 on February 18.
Cardano has launched the SECP, or Valentine’s upgrade, allowing developers to “easily create cross-chain dApps that are secure, reliable, and cost-effective" in pursuit of positive global change. The network has also established working groups to empower the community and boost the development of the blockchain, consolidating its place as a community-focused ecosystem.
Cardano-Based SundaeSwap Announces Governance Proposal Approval
Finally, Cardano-based decentralized exchange (DEX) SundaeSwap recently announced that its first on-chain governance proposal has been approved. Token holders can propose and vote on improvements to a project through a process known as "on-chain governance," which is employed by several crypto projects. DeFiLlama reports that SundaeSwap has $8.2 million in TVL (total locked value).
Cardano has experienced a bullish trend in terms of whale activity and high-volume transactions, but the price of ADA has remained stagnant. However, the network's recent developments and initiatives suggest a positive direction for the ecosystem beyond the price of ADA.
ADA Price Action
After recording a new three-month high of around $0.420 on February 15, Cardano is on a course correction as it retests the critical support at $0.380. The cryptocurrency is likely to record a sharp rebound, with the support zone serving as a ramp for ADA to retest the $0.420 top.
Regardless, with every day that goes by, the ADA is showing that its days of bearish dominance are over. Do you think this is the case?
ADA Statistics Data
ADA Current Price: $0.388
ADA Market Cap: $13.1B
ADA Circulating Supply: 34.6B
ADA Total Supply: 35.5B
ADA Market Ranking: #7
This article should not be taken as financial advice. It is essential to conduct research before making any investment decisions