• Cardano (ADA) has seen a 45 percent price increase since the start of 2023 and is currently trading at $0.3565 with a market cap of $12.3 billion.
• Whale and shark addresses have accumulated 659.53M ADA, which equates to $235.5M in the last few months, indicating a bullish sentiment.
• COTI Network recently announced multi-wallet support for Djed stablecoin, pushing its adoption in the crypto space.
Cardano Price Rally
Cardano (ADA), the world’s eighth-largest cryptocurrency has been part of the altcoin market pump since the beginning of 2023. The ADA price is up by 45 percent and is currently trading at $0.3565 with a market cap of $12.3 billion.
Whale Activity on Cardano Blockchain
So far in February, the average Cardano whale transactions are approximately 1,700 transactions per day valued at $100k or more – five times more than last month’s average per day transactions of 300. Whale and shark addresses holding 10k to 10m ADA have also accumulated 659.53M ADA, which equates to $235.5M in the last few months, indicating a bullish sentiment among key stakeholders on Cardano network. However, daily active address count on Cardano dropped from 85,000 in November 2022 to 62000 now and coins sitting dormant for longer duration may be concerning for investors.
COTI Network Adds Multi-Wallet Support for Djed Stablecoin
The COTI Network recently announced multi-wallet support for Djed stablecoin which will boost its adoption in crypto space further as it can now be supported on Flint, GeroWallet, Typhon Wallet, Yeroi Wallet & NuFi wallets too apart from its native wallet – MyDjed wallet app launched recently by COTI Network itself .
Cardano’s strong whale activity combined with COTI Network’s recent announcement to add multi-wallet support for Djed stablecoin could act as catalyst to push ADA prices higher in coming days while investors should observe other metrics like daily active address count & number of dormant coins before making any investment decision related to Cardano (ADA).