Cardano Whales Accumulate 70 Million ADA in Four Days Amid 107% Price Surge

Cardano (ADA) has experienced a relatively stable trading period on Tuesday, despite a notable resurgence of over 6% in the past week. The cryptocurrency has been navigating a challenging recovery following a sharp decline earlier this month, driven by a broader crypto market downturn and substantial whale sell-offs. On February 4, popular crypto analyst Ali Martinez highlighted the severity of this exodus, noting that whales had offloaded over 330 million ADA and had not yet bought the dip.

However, there has been a recent shift in whale activity. Martinez reported significant whale accumulation, with over 70 million ADA tokens acquired in the past four days. This renewed interest from large investors suggests a potential change in market sentiment. Martinez compared ADA’s current trajectory to its 2020-2021 cycle, suggesting that history may be repeating itself. According to Martinez, ADA seems to be following the same pattern from 2020 to 2021 at a slower pace, which could soon lead to a parabolic rally.

During the previous bull cycle, ADA skyrocketed by approximately 1,400% within nine months, reaching an all-time high of $3.10 in September 2021. If Martinez’s prediction proves accurate, ADA could surge to around $12 before year-end. Supporting this analysis, on-chain data from a crypto analytics firm indicates that ADA whales and sharks have been consistently accumulating since late November 2023. The firm highlighted ADA’s surprising price surge despite other crypto assets retracing, pointing to the aforementioned accumulation. Wallets holding at least 1 million ADA have been consistently accumulating since late November 2023, adding 1.41 billion more coins and 2.35% of the entire supply during this 15-month stretch. Despite market volatility, the firm also noted that ADA’s price has surged by 107% since this accumulation cycle began.

Cardano founder Charles Hoskinson also weighed in on the market outlook during a recent interview, noting that liquidity could soon begin rotating from meme coins back to ADA and other legacy crypto assets, which could boost prices. Hoskinson emphasized the evolving regulatory landscape, predicting that the U.S. could pass foundational crypto legislation within the next 90 to 120 days, paving the way for a stronger framework for crypto businesses. Additionally, Hoskinson predicted that the U.S. government, which currently holds 212,000 Bitcoin, will first allow it to be stored in a sovereign wealth fund. Following that, he expects Senator Lummis and President Trump to begin acquiring other assets, suggesting ADA could be on the list. At press time, ADA was trading at $0.58, representing a 0.24% drop over the past 24 hours.