New data from market intelligence firm Santiment shows that Ethereum (ETH) competitor Cardano (ADA) just hit a major milestone.
In a new post on the social media platform X, the crypto analytics firm says that long-time ADA holders have suddenly started moving the largest amount of tokens in more than a year.
The firm also noticed that deep-pocketed Cardano holders aggressively accumulated nearly 44 million ADA tokens worth about $12.67 million in just two weeks.
“Cardano has hit a major dormant coin activity milestone. Monday marked the highest amount of older wallets moving ADA since April 2022, indicating more coins are moving back into circulation. 100,000-10,000,000 ADA wallets are also accumulating again.”
Cardano is trading for $0.29 at time of writing.
The firm also says that Ethereum’s upward momentum is strengthening based on key indicators, including a decline in supply held on crypto exchanges.
“ETH’s supply on exchanges saw a decent drop as price rocketed, suggesting that investors’ confidence have increased and are buying to hold.”
Social dominance, which tracks the percentage of discussion about a crypto asset circulating on social media platforms, is heating up for ETH as well. According to the firm, traders are starting to take notice of ETH.
“ETH’s social dominance continues to grow as price moves upwards but it still remains lower than the previous peak, which may suggest there can be some room for it to go before things cool down. Excitement is certainly building up.”
Ethereum is worth $1,809 at time of writing.
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