Blockchain analytics firm Santiment has announced that its large owner Cardano (ADA) is boosting the price of the 8th largest crypto asset by market capitalization.
From about $0.246 on January 1st to $0.412 last week, Santiment To tell This increase is largely due to massive Cardano investors amassing a large amount of money worth 405.85 million ADA, or $162.34 million at the time of writing.
According to Santiment, on Friday, the Cardano network confirmed 105 transactions worth over $100,000.This is the highest since crypto exchange FTX collapsed in November
“Cardano’s price is up +65% in 2023, with key sharks and whales hoarding a lot to do with this. Many are holding: Whale trading above $100,000 hit a 12-week high today.”
At the time of writing, Cardano is trading at $0.40.
The Bitcoin (BTC) network also witnessed It’s the biggest transaction in four weeks with a new wallet receiving $313.1 million worth of King crypto in a single transaction, according to Santiment.
“8 hours ago, the biggest bitcoin transaction in four weeks. This brand new whale address suddenly held 13,369 BTC (worth $313.1 million) in a single transfer. Please track this wallet here as the price will fluctuate in the future.”
The flagship cryptocurrency is currently trading at $23,388, up 40% from $16,531 at the beginning of the year.
Santimento too To tell Massive transactions have been witnessed across multiple altcoin networks, including Loopring (LRC), Urb (AAVE), dYdX (DYDX) and the curve (CRV).
“Today, big whale transaction numbers are appearing in several altcoin networks. This does not necessarily mean that a dump is underway, but it does indicate that volatility is likely to rise. increase.”
At the time of writing, CRV, the governance token of stablecoin-focused decentralized exchange Curve Finance, has a value of $1.09.
At the time of writing, the governance token on decentralized exchange dYdX is trading at $3.01.
At the time of writing, decentralized exchange Loopring’s native token, LRC, is trading at $0.40.
At the time of writing, decentralized lending platform Aave’s governance token is worth $88.70.
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should exercise caution before making risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your money transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Evgeny Ostroushko/AlexRoz