What’s Making Cardano (ADA) Price Rally Over Dogecoin & XRP?

In terms of value, the cryptocurrency market as a whole, including Cardano (ADA), had a turbulent year in 2022. However, in the past twenty-four hours, the trade volume for ADA has reached around $250 million, while the Cardano (ADA) price has increased by almost 7% in a day. This is mostly attributable to the purchase of enormous quantities of ADA by whales as well as the project attracting the majority of development activity last year.

Cardano (ADA) Price Soars

The price of Cardano’s native token, ADA, has finally risen from a two-year low of $0.24, where it arrived after a prolonged four-week slide. ADA recovered a little over a third of its value in January of the new year after losing more than 25% of its value at the start of December 2022.

It’s possible that the expansion of the Cardano DeFi ecosystem was responsible for some of the positive movements in the price of ADA. According to data provided by DeFiLlama, Total Value Locked (TVL) has increased from its previous low point of $48.95 million on January 1 to its current level of $52.53 million.

Massive Whale Activity

The participation of larger ADA investors could be another factor contributing to the price increase. According to the statistics provided by WhaleStats, large BSC whales also have a significant interest in purchasing Cardano (ADA) tokens.

The 4,000 largest BSC whale purchases in the previous 24 hours have been attributed to ADA purchases, and therefore ranks within the top 10 list of mass whale activities. In addition, the top BSC whales have a combined total of 19.9 million ADA in their wallets, which is equivalent to $5.19 million at the current market price and accounts for 0.68% of the total supply.

JUST IN: $ADA @CardanoStiftung now on top 10 purchased tokens among 4000 biggest #BSC whales in the last 24hrs 🐳

Peep the top 100 whales here: https://t.co/CnPsLVmRmh

(and hodl $BBW to see data for the top 4000!)#ADA #whalestats #babywhale #BBW pic.twitter.com/3GdW9PeU5T

— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) January 4, 2023

Cardano With Most Dev Activity

According to a report that was published by Santiment, a behavior analysis platform, Cardano ranked as the most active protocol in terms of the development activity. This was followed by Polkadot (DOT) and Cosmos (ATOM), which were ranked as the second and third most active protocols, respectively.

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Given that the development activity rates in Cardano’s public GitHub repositories in November were 18% higher than those of the next-ranked asset, which recorded 572.67 produced events, the most recent data are a confirmation of its prior performance.

As things stand, the Cardano (ADA) price is currently being traded at $0.28. This represents an increase of 0.2% in the past 1 hour, in contrast to a whopping 7.3% during the last 24 hours as per crypto market tracker CoinMarketCap.

Also Read: Top 10 DeFi Lending Platforms In 2023

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.