Santiment says crypto wallets with $10,000 to $100,000 worth of Cardano (ADA) just accumulated the largest amount of ADA in nearly a year.
Data from the market analytics platform show that whales and sharks stocked up an additional $116.1 million in the Ethereum (ETH) competitor since May.
Transaction volume on ADA also soared to over $67 billion.
“As Cardano sits just above $0.29, whales and sharks holding between 100,000-10 million ADA have accumulated back to their highest level since September 2022. Additionally, on-chain transaction volume has been rising nearly every week for the past 6 months.”
Affluent crypto investors buy ADA amid the token’s discounted price. Cardano’s value plummeted from $0.37 to $0.26 in June after the U.S. Securities and Exchange Commission (SEC) claimed in its Coinbase lawsuit that the crypto asset is a security.
Cardano is currently trading for $0.30, up by 2.22% over the last 24 hours.
Santiment also says the altcoins Solana (SOL), Toncoin (TON) and Hedera (HBAR) could also rally as Bitcoin (BTC) breaches $30,000. Profit-taking for the flagship crypto asset is now at its highest in over three weeks.
“With Bitcoin’s pushback above $30,000 instilling confidence in crypto markets, many altcoins are showing signs of life. Keep an eye on FOMO (fear of missing out) levels if prices continue pushing forward for the day, with SOL, TON, & HBAR among the surging assets creating bullish narratives.”
Generated Image: Midjourney