Blockchain analytics firm Santiment says that massive holders Cardano () are driving up the price of the eighth-largest crypto asset by market cap.
From trading at around $0.246 on January 1st to $0.412 last week, Santiment the increase is primarily due to the heavy accumulation of deep-pocketed Cardano investors to the tune of 405.85 million ADA, worth $162.34 million at time of writing.
On Friday, the Cardano network saw 105 transactions worth over $100,000, the highest since crypto exchange FTX collapsed in November, according to Santiment.
“Cardano’s price is up +65% in 2023, and key shark and whale accumulating has had a lot to do with this. Addresses holding 100,000 to 100,000,000 ADA now hold the most in their combined wallets since Nov. 8th. Today, $100,000+ whale transactions hit a 12-week high.”
At time of writing, Cardano is trading at $0.40.
The Bitcoin () network also witnessed its biggest transaction in four weeks with a new wallet receiving $313.1 million worth of the king crypto in a single transaction, according to Santiment.
“Eight hours ago, the largest Bitcoin transaction in four weeks took place. This brand new whale address went from nothing to suddenly holding ~13,369 BTC (worth ~$313.1 million) after a single transfer. Track this wallet here as prices fluctuate going forward.”
The flagship cryptocurrency is now trading for $23,388, up from $16,531 at the start of the year for a 40% gain.
Santiment also that high-volume transactions are being witnessed on several altcoin networks, including Loopring (), Aave (), dYdX () and Curve (
“Big whale transaction numbers are showing up on several altcoin networks today. This doesn’t necessarily mean a dump is in progress, but it does indicate that increased volatility is likely”
At time of writing, CRV, the governance token of stablecoin-focused decentralized exchange Curve Finance, is worth $1.09.
At time of writing, the governance token of decentralized exchange dYdX is trading at $3.01.
At time of writing, LRC, the native token of decentralized exchange Loopring, is trading at $0.40.
At time of writing, the governance token of decentralized lending platform Aave is worth $88.70.
