- Cardano (ADA) whales accumulated tokens worth around $14 million recently.
- The accumulation spike is speculated as a possible sign the token could be gearing up for a run to the 70 cents price mark.
- Daily user counts on Cardano has grown significantly since the start of the year.
Increased whale activities around Cardano (ADA) have spurred speculations of a potential bull run that could significantly bolster the price of the digital asset.
Cryptocurrency YouTube channel AltcoinBuzz noted the development in a recent video where they revealed ADA whales accumulation has grown significantly in recent weeks. In particular, they said that ADA tokens worth around $14 million were accumulated in the period mentioned above.
Importantly, the accumulation evidences the increased interest crypto investors have shown in ADA since late last year. According to AltcoinBuzz, the accumulation spike could be a sign ADA is gearing for a run toward the 70 cents price mark.
Meanwhile, Cardano’s daily active addresses have also seen a significant rise since the start of the year. IntoTheBlock data quoted in the video showed the number of daily active users on the network jumped in the past few days.
Specifically, the user’s count on Cardano stood at over 47,000 at the time the video was made. The recorded figure represented a 12% jump from previous levels. At present, the daily user count has since risen to 50.26K, higher than the 47K recorded during the week but still lower than the 52K seen on January 2nd.
The recent spike in activities around ADA highlights sustained positive development around the digital asset since late last year. In an unexpected rise, ADA saw a high upward trend to close the year in spectacular fashion.
Despite the slew of positive growths, the team has reiterated its commitment to focusing on the development of the network. Last month, Cardano was ranked as the top cryptocurrency project with the most developmental activity.
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