Cardano trading volume increases as ADA whale transactions soar to a 2-month high

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According to data from Santiment on January 9, Cardano has increased by over 30% since December 30 as more cryptocurrency traders have shown an interest in its price action, particularly among large-scale investors. Since the rally began, 28 new addresses with 1 million ADA or more have registered on the network.

In fact, since the start of 2023, there have been 28 new shark and whale addresses holding 1 million or more ADA, and the number of transactions is increasing.

Analyses of cardano prices

Notably, Finbold reported on January 9 that Cardano had a $1.5 billion inflow in only one day as the decentralized finance (DeFi) asset continues to experience rising buying pressure.

Currently, Cardano is trading at $0.317, down 3.24% from the previous day but up 24.59% from the previous week, with a market cap of $10.94 billion.

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For instance, data gathered by Finbold on January 6 showed that the machine learning algorithms at the cryptocurrency tracking platform PricePredictions anticipated the price of ADA will be $0.2756 on January 31, 2023.

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As the number of smart contracts on the platform continues to steadily increase, network expansion may be one of the most significant factors contributing to ADA’s momentum.

Additionally, it is anticipated that two stablecoins will be introduced on the Cardano network in the first quarter of 2023. The first is the centralized stablecoin USDA, which will be a US dollar-backed asset.

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