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HomeCrypto NewsMarketHere is Why Cardano is Up 65% After losing 34,900 Addresses

Here is Why Cardano is Up 65% After losing 34,900 Addresses

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An interesting Cardano (ADA) on-chain metric has linked its recent growth rally to a significant drop in wallets holding a small amount of the cryptocurrency.

The data, presented by crypto analytics platform Santiment, showed that the mysterious loss of small wallets on November 17 might account for the turning point in price the protocol recorded afterward. 

According to the insight shared by Santiment, the price of Cardano has jumped by about 65% since this mysterious address exodus, with 98.1% of the addresses involved holding 1 to 10 ADA.

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At the moment, Cardano’s price still remains in the green, trading at $0.5947 after surging 9.41% in the past 24 hours. The elevated price outlook has pushed its market cap by the same rate to $20,992,393,703, with trading volume jumping 7.2% to $1,312,393,993.

Impressive Cardano Discovery

Cardano boasts a balanced whale and retail holder activity. Santiment displayed its discovery using a chart spanning September 11 to date. 

From at least September 25 until November 17, the number of addresses holding 10 to 100 ADA stayed relatively flat until it drastically slumped. Per Santiment’s data, 34,900 addresses within this category were lost. This class of addresses stayed flat until earlier today when Santiment collected the data.

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Generally, the number of addresses holding at least 0 ADA rose slightly from September 23 to November 17. It also fell at this point but slightly less than the smallholder wallet category.

Overall, as of today, the Cardano protocol boasts 4.46 million wallets holding at least 0 ADA, while the number of addresses with 10 to 100 ADA comes in at 934,630.

Cardano Price Projections

Despite the positive shifts in Cardano’s on-chain metrics and accompanying price jumps, the coin’s price still lags behind its competitors, including XRP. Despite this reality, many market analysts and AI algorithms predict a bullish future for Cardano.

One of the latest predictions came from Tyler Strejilevich, who predicted that ADA could soar to $33 or about 6,000% over the next 66 weeks. He posited that ADA could pull off this feat if it gets a bullish weekly cross for the first time since June 2020.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Author

Godfrey Benjamin
Godfrey Benjaminhttps://thecryptobasic.com/
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web3.0. His love for crypto was birthed when as a former banker, he discovered the obvious advantaged of decentralized money over traditional payments. With his vast experience covering different aspects of Web3, Godfrey's articles has been featured on Blockchain News, Cryptonews Com, and Coingape amongst others. When not writing contents related to crypto, you can find him playing video games.

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