Blockchain analytics platform Santiment says deep-pocketed investors are accumulating massive amounts of Cardano (ADA) despite a stalled crypto market.
The analytics platform says that the number of wallets holding 100,000 or more ADA tokens has surged to 25,294, an amount not seen since April 2022.
Santiment notes this increase in whale and shark wallets has materialized despite negative trader sentiment towards Cardano, which is down around 35% since it hit its 2023 top four months ago.
ADA is trading for $0.28 at time of writing, down 2.8% in the last 24 hours.
Santiment also notices that other altcoin projects are experiencing unexpected trade volume increases.
“The pumps continue to come where many least expect. As Bitcoin has jumped back above $30,000 to start the week, assets like Solana, Pepe, Shiba Inu, and HarryPotterObamaSonic10Inu (yes, really) are surging. Keep track of each project’s volume here.”
Santiment is also keeping an eye on GitHub development activity across blockchain projects and highlights how blockchain oracle network Chainlink (LINK) has re-entered the top five.
“Top 10 crypto assets by development activity: notable GitHub commits, past 30 days:
T1(tied in first) Polkadot DOT
T1 Kusama Network KSM
3 Cardano ADA
4 Hedera HBAR
5 Chainlink LINK
6 Internet Computer ICP
7 Status SNT
8 AptosLabs APT
9 Vega Protocol VEGA
10 Cosmos ATOM
Generated Image: Midjourney