Cardano Whales On Buying Spree: Will ADA Price Explode?

Cardano Whale Activity Surges

• In February, Cardano daily whale transactions have jumped 5x compared to January.
• Whales and sharks holding 10k to 10m ADA have accumulated 659.53M ADA.
• The average amount of time coins sat in an address has ballooned to 407 days.

Boosting Adoption with Multi-Wallet Support

The COTI Network recently added multi-wallet support for Djed stablecoin, offering support for wallets such as Flint, GeroWallet, Typhon Wallet, Yeroi Wallet, and NuFi. This move is intended to boost adoption of Djed stablecoin in the broader crypto landscape.

ADA Price Rally

Cardano (ADA), the world’s eighth-largest cryptocurrency has been part of the altcoin market pump since beginning of 2023. ADA price is currently trading at $0.3565 with a market cap of $12.3 billion which is an increase of 45 percent since start of the year.

On-Chain Metrics

The total number of daily active addresses on Cardano has dropped from 85,000 in November 2022, to now at 62,000 addresses per day while total number of ADA dormant coins continues to sit for a longer time on the Cardano blockchain.

Will ADA Price Explode?

Due to strong whale activity on the Cardano blockchain network and COTI Network’s multi-wallet support for Djed stablecoin investors are hoping that this will result in an explosion in prices for ADA coin but they need to observe some other on-chain metrics as well before making any investment decisions related to ADA coin.