Cardano (ADA) Could Be Decoupling From the Rest of the Market: Santiment

Large holders have accumulated over 1 billion ADA in the last 5 months.

The Cardano network’s native token ADA could be set to stage a bullish decoupling from the rest of the crypto markets, according to top crypto analytics platform Santiment Feed in a tweet today. 

At the time of writing, the asset is up over 11.89% in the last 24 hours. According to the Santiment tweet earlier today, leading up to this rally, large ADA holders, holding over 10,000 ADA, have added 1.03 billion ADA to their bags in the last 5 months. 

“Cardano has been showing some mild decoupling signs this week, and the #7 market cap asset is +8.2% in the past 24 hours,” Santiment tweeted. “Addresses holding 10,000 or more $ADA have collectively accumulated 1.03B (3.3% more coins) in the past 5 months.”

?? #Cardano has been showing some mild decoupling signs this week, and the #7 market cap asset is +8.2% in the past 24 hours. Addresses holding 10,000 or more $ADA have collectively accumulated 1.03B (3.3% more coins) in the past 5 months. https://t.co/7p6fOuzvG5 pic.twitter.com/TJGVwYujJn

— Santiment (@santimentfeed) March 29, 2023

These addresses now own over 32 billion ADA, according to Santiment, which claims the asset may be moving towards its all-time high. 

Noteworthy Cardano Developments

It is worth noting that the Cardano network has seen significant developments this year as developers prepare to usher it into the Age of Voltaire. For starters, in January, Djed, Cardano’s overcollateralized dollar-pegged stablecoin, launched, promising to bring significant volume to the network’s decentralized finance ecosystem. 

Then in February, a few weeks after Djed launched, Input Output – the team responsible for Cardano research and development – disclosed that they had successfully carried out the SECP upgrade. As highlighted in a previous report, it greatly improves the network’s interoperability for cross-chain decentralized application (DApp) development.

Amidst all these, dcSpark – a crypto ecosystem builder – recently disclosed plans to introduce account abstraction to the blockchain. As explained, it would allow for the creation of smart contract wallets that, amongst other things, offer users flexibility as regards wallet recovery, addressing one of the major pain points of crypto self-custody.

Recall that Santiment tapped ADA as undervalued in January, noting that it could easily recoup the bear market cycle losses.