Cardano reaches important activity milestone; Whales accumulate ADA again

Cardano (ADA) managed to reach an important milestone in the activity of dormant coins, on October 30, according to the survey shared by the analysis platform, Santiment.

According to the data, a record number of older wallets moving the ADA cryptocurrency was recorded yesterday, which had not been seen since April last year. Additionally, large Cardano holders are also accumulating again.

“Cardano has reached an important milestone in dormant coin activity. Monday marked the highest amount of older wallets moving $ADA since April 2022, indicating that more coins are returning to circulation. Portfolios of 100K to 10M $ADA are also accumulating again,” he wrote.

🐳🦈 #Cardano has hit a major dormant coin activity milestone. Monday marked the highest amount of older wallets moving $ADA since April, 2022, indicating more coins are moving back into circulation. 100K-10M $ADA wallets are also accumulating again. https://t.co/TwwQkHZbzA pic.twitter.com/kDjntuV7AS

— Santiment (@santimentfeed) October 31, 2023

At the time of publication, the price of Cardano was quoted at US$0.298100, down 0.5% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$245,963,708. ADA has shown growth of 4.6% in the last seven days.

Cardano heading towards $24?

With the rising tide of optimism in the cryptocurrency market, it is not surprising that ambitious predictions are emerging. One of the most talked about currently is the possibility of ADA, Cardano’s native currency, breaking the US$20 price level and even reaching the US$24 mark. But will this value, which is far from the current reality, be indeed a realistic goal?

Before diving into this debate, it is worth remembering that, recently, ADA already surprised many by slightly surpassing the US$3 mark, consolidating a market value of more than US$91 billion. Thus, the crypto world is watching the potential growth of this currency with curiosity and speculation.

For ADA to reach the projected value of US$24, its market capitalization must exceed US$870 billion. That’s almost ten times its market value at the height of the last bull cycle. If we consider the current scenario, in which Cardano has a market value of approximately US$10 billion, this would require exponential growth, something that, for many, may seem like a colossal challenge.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.