A popular cryptocurrency influencer has recently suggested that the price of smart contract platform Cardano (ADA) could soon surge to the $30 mark, which would represent a surge of around 9,900% from its current level around $0.303.
According to the pseudonymous analyst Lucid, who shared on the microblogging platform X (formerly known as Twitter) his price prediction, the price of Cardano could surge nearly 10,000% based on global inflation acting as a catalyst for the cryptocurrency market’s total capitalization to grow past the $10 trillion mark.
Per his words Cardano “is going for the 100x” based on the value of global fiat currencies dropping significantly over inflation, which appears to be going down. Eurozone inflation, for example, dropped to 2.9% in October to its lowest level in over two years, while inflation in the US has been steadily falling to now sit at 3.7%, while data from Truflation suggests it’s at 2.4%.
As CryptoGlobe reported, market intelligence firm Santiment has reported that Cardano. An Ethereum (ETH) rival, has reached an important milestone in on-chain activity. According to a recent update on social media, Santiment observed that long-term ADA holders have begun to transfer a significant volume of tokens, marking the most substantial movement in over a year.
Santiment’s data also highlighted that Cardano holders with substantial holdings have been actively acquiring more tokens. Specifically, these investors have amassed nearly 44 million ADA tokens, valued at approximately $12.67 million, within a span of just two weeks.
The firm pointed out that the activity of older ADA wallets has been particularly noteworthy. For the first time since April 2022, these wallets have started to move ADA tokens back into circulation. The report stated that wallets holding between 100,000 and 10,000,000 ADA are once again in accumulation mode.
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