While the cryptocurrency market is currently undergoing a correction that has seen its total market capitalization drop by around 3% over the past week with around $30 billion leaving the space, Cardano ($ADA) whales have bought the dip and kept on accumulating.
According to data from on-chain analytics firm, Cardano wallets with a balance of 100,000 or more ADA have reached a 16-month high of 25,294, even as the cryptocurrency’s price dropped 35% from this year’s high to now trade at $0.28.
In other posts, Santiment has also highlighted unexpected trading volume spikes in other altcoins, including the meme-inspired cryptocurrency Shiba Inu ($SHIB) and smart contract platform Solana ($SOL).
As CryptoGlobe reported, Cardano has recently come in third place in terms of development activity, behind the “blockchain of blockchains” Polkadot ($DOT) and its public pre-production environment Kusama ($KSM), according to Santiment.
The term “development activity” refers to the amount of work completed by a cryptocurrency project’s developers on the project’s public GitHub repositories within the past 30 days.
Earlier this month, popular cryptocurrency analyst Ali Martinez pointed out that the price of ADA could soon surge over 2,900% if history is to repeat itself, as previous periods of relative stability for the token have been followed by huge price explosions.
In a post Ali shared on the microblogging platform X (formerly known as Twitter), he observed that the price of Cardano’s native token ADA traded between $0.10 and $0.028 for 665 days between 2018 and 2020, before seeing a 2,985% price surge after taking off from the long accumulation phase.
Drawing parallels from that time, Martinez noted that ADA now “seems trapped in the $0.46 to $0.24 range” for 329 days now. He noted that if history and price action can be indicators, it’s possible ADA will break out around February 2024.
Featured image via Unsplash.
