The ongoing spectacular price action from Cardano (ADA) has been marked by several positive on-chain metrics.
With ADA trading at $0.8127, the altcoin has experienced an explosive rise of over 115% in the last two weeks, breaking an eight-month high. While profit-taking by retail investors briefly pushed ADA below the $0.80-mark, large investors (whales) are determined to send the asset higher with massive accumulation.
Large Cardano Transactions Surged by 297%
Analyst Ali Martinez recently highlighted data from IntoTheBlock, revealing a 297% surge in large Cardano transactions over the past two weeks. As of yesterday, the total volume of these transactions reached $22.56 billion.
Notably, the value of large ADA transactions was at a seven-day low of $12.25 billion on November 13. However, it more than doubled in just three days, climbing to $28.43 billion by November 16. Despite the recent dip, the current figure of $22.56 billion indicates that strong momentum is still ongoing.
Cardano Whales Accumulate More by 145%, with Holding Reaching $12B
Meanwhile, the impact of these large-value transactions is further underscored by additional data showing that whales have vigorously stockpiled ADA tokens over the past month. Investors holding over $10 million in ADA have increased their positions by 145.72%, now holding a total of $12.11 billion worth of ADA as of November 18.
This group of high-net-worth holders has seen the largest 30-day growth in their ADA portfolios. Close behind are wallets with ADA holdings between $100K and $1 million, which experienced a 105.66% increase over the past month, now totaling $4.36 billion.
Similarly, wallets holding between $1 million and $10 million in ADA saw an 82.97% rise, bringing their total ADA holdings to $3.9 billion. Other groups accumulating ADA include those holding between $1K and $100K.
On the other hand, the lowest retail tier—those holding less than $1 in ADA—reduced their holdings by 39.46%, with their total dropping to just $285,490. Investors holding between $10 and $100 in ADA also reduced their positions, with a 7.65% decline, leaving them with $41.91 million in ADA.
$52B ADA Transactions in One Week
In a separate report, intelligence platform Santiment revealed that Cardano has seen $52.26 billion in transaction volume this week alone, marking a seven-month high. The report also highlighted that there have been over 8,900 whale transactions for the second consecutive week, a six-month high.
Cardano Now Decoupled from Altcoins
As a result, Santiment noted that Cardano is now decoupled from the broader altcoin market. Additionally, it observed that ADA’s price ratio against Bitcoin is approaching an eight-month peak.
The last time Cardano experienced this level of transaction and whale activity was in June, just before the ADA/BTC pairing saw a 26% surge.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
