Cardano Surges 25% as Whale Buying and Development Progress Draw Focus
Cardano (ADA) has seen significant growth over the past week, outperforming its peers in the top 100 cryptocurrencies by market value. With a gain of 25.03% over the past seven days, ADA has posted the highest weekly rise among its competitors.
The blockchain's upward momentum is attributed to a combination of factors, including whale buying and development progress. According to Santiment, Cardano's recovery is better explained by 'real ecosystem progress' rather than purely speculative trading.
One key factor behind ADA's rebound is the growth in large investor holdings. The number of wallets with balances on the Cardano network has decreased, suggesting that small holders did not actively participate in this upswing. In contrast, whale wallets have purchased an additional 240 million ADA over five days, lifting total holdings to 14.5 billion ADA.
The market is focusing on the fact that this rally came amid an overall sluggish trend. On-chain analytics firm Santiment named Cardano as one of the assets showing the strongest momentum recently.