Influential market participants, such as whales and sharks, have caused the dramatic 65% increase in Cardano (ADA) price in 2023 by amassing large amounts of ADA, indicating that the upward trend may not slow down soon.
Recent data from Santiment indicates a surge in the number of coins stored in wallets holding 100,000 to 100 million ADA, reaching levels not seen since November 8th. Furthermore, whale transactions worth $100k+ have reached a 12-week high.
Large investors, referred to as whales, have significantly impacted Cardano’s price growth through their accumulation. Their substantial investments drive demand, leading to price increases and attracting additional investors.
Major market players drive up Cardano’s value through their significant accumulation. As more and more individuals aim to diversify their portfolios and invest in cryptocurrencies, Cardano’s strong performance and increasing popularity make it a desirable choice for those exploring investment opportunities in the crypto market.
ADA Price Rise: Key Players and DJED Impact
ADA Currently Trades at $0.404 on CoinMarketcap with Slight Daily Increase. 7-Day Growth of 5.74% and 50% Rise in 30 Days Observed. Price up 10% in the Last 14 Days.
Key market players have caused a significant rise in ADA’s price through their accumulation. Macroeconomic events, the financial market, and the recent launch of the overcollateralized stablecoin, Djed, on Cardano’s mainnet also contribute to the increase.
1.85 million DJED have been minted since its launch. Its growth has been modest, with a total value locked (TVL) of $11.67 million, according to DefiLlama’s data. Despite this, the launch of DJED on Cardano’s mainnet has generated interest among the community.
Djed aims to harness ADA’s volatility to build a USD-tethered stablecoin and make ADA a reserve currency. By limiting the supply, the stablecoin reserve ratio of 633% may have an impact on ADA’s price.
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An insufficient 29.4 million ADA in the Djed reserve cannot significantly affect the price. The total circulating supply of 34.6 billion ADA raises uncertainty about whether Djed’s growth will cause a scarcity of ADA supply.
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