Cardano: Analyzing the events of the last 15 days to decode ADA’s ongoing price surge
According to recent data, whales are becoming increasingly intrigued by Cardano [ADA]. As this interest continues to surge, it would pique one’s curiosity to observe how other investors react and how this will ultimately affect ADA’s price trajectory.
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In the last fortnight, the ADA whales have been on a buying spree, acquiring a whopping 560 million ADA tokens valued at approximately $218.4 million.
According to Santiment’s data, the accumulation of these whales has not only boosted the overall number of ADA tokens they hold but has also increased the percentage of the tokens in circulation.
Source: Santiment
As of this writing, the addresses that held between 100,000 to 1 million ADA witnessed a surge and now held 17.23% of the total supply. Furthermore, the number of addresses holding over 1 million ADA also increased and now collectively held 16.51% of the total supply.
Recent data from Santiment also revealed that the number of ADA holders was also surging. After a sharp decline observed in January, the number of holders had been on a steady rise.
As of this writing, the number of ADA holders had surpassed 4.4 million, which was an all-time high. Despite the current price trend, this growing number indicated the accumulating interest in ADA.
Source: Santiment
Upon considering ADA derivatives, investors were seen to be quite optimistic about a potential price surge. Currently, the funding rates observed across several prominent exchanges indicated that investors were placing their bets on a price increase.
Notably, the funding rate metric suggested that most investors had taken long positions, making it the dominant position as of this writing.
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