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The ongoing spectacular price action from Cardano (ADA) has been marked by several positive on-chain metrics.
With ADA trading at $0.8127, the altcoin has experienced an explosive rise of over 115% in the last two weeks, breaking an eight-month high. While profit-taking by retail investors briefly pushed ADA below the $0.80-mark, large investors (whales) are determined to send the asset higher with massive accumulation.
Large Cardano Transactions Surged by 297%
Analyst Ali Martinez recently highlighted data from IntoTheBlock, revealing a 297% surge in large Cardano transactions over the past two weeks. As of yesterday, the total volume of these transactions reached $22.56 billion.
Notably, the value of large ADA transactions was at a seven-day low of $12.25 billion on November 13. However, it more than doubled in just three days, climbing to $28.43 billion by November 16. Despite the recent dip, the current figure of $22.56 billion indicates that strong momentum is still ongoing.
Cardano Whales Accumulate More by 145%, with Holding Reaching $12B
Meanwhile, the impact of these large-value transactions is further underscored by additional data showing that whales have vigorously stockpiled ADA tokens over the past month. Investors holding over $10 million in ADA have increased their positions by 145.72%, now holding a total of $12.11 billion worth of ADA as of November 18.
This group of high-net-worth holders has seen the largest 30-day growth in their ADA portfolios. Close behind are wallets with ADA holdings between $100K and $1 million, which experienced a 105.66% increase over the past month, now totaling $4.36 billion.
Similarly, wallets holding between $1 million and $10 million in ADA saw an 82.97% rise, bringing their total ADA holdings to $3.9 billion. Other groups accumulating ADA include those holding between $1K and $100K.
On the other hand, the lowest retail tier—those holding less than $1 in ADA—reduced their holdings by 39.46%, with their total dropping to just $285,490. Investors holding between $10 and $100 in ADA also reduced their positions, with a 7.65% decline, leaving them with $41.91 million in ADA.
$52B ADA Transactions in One Week
In a separate report, intelligence platform Santiment revealed that Cardano has seen $52.26 billion in transaction volume this week alone, marking a seven-month high. The report also highlighted that there have been over 8,900 whale transactions for the second consecutive week, a six-month high.
Cardano Now Decoupled from Altcoins
As a result, Santiment noted that Cardano is now decoupled from the broader altcoin market. Additionally, it observed that ADA’s price ratio against Bitcoin is approaching an eight-month peak.
The last time Cardano experienced this level of transaction and whale activity was in June, just before the ADA/BTC pairing saw a 26% surge.