- Santiment described Cardano as a "polarizing" cryptocurrency asset.
- Despite soaring whale transactions, the price of ADA has remained stagnant.
- A slight price increase in the last 24 hours could indicate community optimism for the SECP upgrade.
The Cardano ecosystem has experienced a series of events and developments, but the price of ADA is yet to reflect a notable increase.
On February 14th, 2023, market intelligence platform Santiment released an insight report describing Cardano as a “polarizing” cryptocurrency asset, considering the “trials and tribulations” the ecosystem has endured within the last few years.
The Cardano network has witnessed substantial developments since the beginning of February. Whale transactions have soared to “approximately 1,700 transactions per day,” according to Santiment.
Source: Santiment
Santiment noted that the volume of whale transactions represents “an enormous uptick” from January’s volumes, where the network recorded approximately 300 transactions per day, with trade volumes surpassing the $100,000 mark.
The network’s anticipated SECP upgrade is scheduled to go live on February 14th, 2023, and is expected to increase interoperability and security of cross-chain decentralized application (dApp) development.
Despite the continued rise in whale transactions, notable transaction volumes, and network developments, the price of ADA has remained relatively stagnant.
A Slight Upward Trajectory
The price of ADA seems to be relatively unchanged in the face of whale optimism. At the time of writing, ADA is trading at $0.37, representing a 5.97% decrease from its one-week high of $0.38 on February 9th, 2023.
On the other hand, the 24-hour price chart reflects a more notable turnaround, with ADA up 8.81% from its 24-hour low of $0.34 on February 13th, 2023.
24-hour price chart for Cardano. Source: Messari.io
Considering the proximity of the SECP upgrade, the slight nudge into an upward trajectory indicates a degree of community optimism. A notable boost in the price of ADA could reinforce the potential of market sentiment eventually aligning with whale activity and network developments.
On the Flipside
- Beyond the bullish sentiment of the Cardano whales, the community remains divided about the trajectory of ADA following the SECP upgrade.
Why You Should Care
Optimistic market sentiment in the Cardano ecosystem would push the price of ADA to break the protruding cycle of misalignment between whales and the broader Cardano community. A sustainable upward trajectory could reposition the network’s current #8 rank.
Read more about the market sentiment around Cardano’s SECP upgrade:
Cardano Dips 7.91% – Can Valentine’s Sentiment Boost ADA?
Read more about Cardano’s on-chain statistics from January 2023:
Cardano (ADA) On-Chain Statistics for January Revealed
Cardano (ADA) Whales Buy-in $162M as Transactions Soar