Can Whales Push Cardano to $0.7 After Accumulating 14M ADA in 2 Weeks? 

Cardano could be gearing for a run toward the $0.7 price mark, as whales accumulate an astounding 14,000,000 ADA coins in two weeks. 

Cryptocurrency investors have been showing significant interest in Cardano in recent times, as reflected in the massive accumulation of ADA by whale investors. 

According to data shared by seasoned crypto analyst Ali Martinez, Cardano whales have accumulated a whopping 14 million ADA coins in two weeks. 

At the time the tweet was posted, Martinez claimed that the dollar equivalent of the 14 million ADA coins was around $8.4 million. 

In the last two weeks, #Cardano whales bought over 14 million $ADA, worth around $8.40 million! pic.twitter.com/Jq6b66NLGI

— Ali (@ali_charts) January 4, 2024

Cardano Daily Active Addresses Spike 

Aside from the whales accumulation of 14 million ADA coins in two weeks, other notable metrics also show a growing demand for the ninth-largest cryptocurrency. 

Data from popular crypto analysis platform IntoTheBlock (ITB) shows that the number of daily active addresses on the Cardano network has surged significantly over the past week. 

Per the data, Cardano’s daily active address surged to 47,930, up 12.87% over the past 24 hours. While the feat is commendable, the figure is nothing compared to what was recorded on January 2, where the Cardano network saw 52,330 daily active addresses. 

This represents an increase of 26.09% from the 41,500 daily active addresses witnessed on December 31, 2023. 

Meanwhile, the number of Cardano’s addresses with zero balance also plummeted to 17,860 on January 2, 2024 from 20,350 recorded on December 28, 2023. 

ADA Road to $0.7 

Interestingly, the accumulation of ADA in recent times also indicates that investors are bullish on the ninth-largest cryptocurrency, as they expect it to rally toward the $0.7 price mark. 

At press time, ADA was changing hands at $0.56, up 1.5% over the past 24 hours. It is worth mentioning that ADA failed to reach the $0.7 price level in December 2023.

ADA’s closest attempt at breaching the resistance last month was on December 14. At the time, it rallied to $0.67 before plummeting below $0.6 a few days later. 

Following the widespread accumulation of ADA, the crypto asset could be preparing for a bullish run toward the $0.7 price mark. 

In the meantime, the Cardano team is concerned with the developmental aspect of the crypto project to bolster adoption. 

Last month, Cardano ranked as the top cryptocurrency project with the most developmental activities. According to data provided by Santiment, Cardano recorded a whopping 540 Github commits in 30 days.