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Cardano ‘Sharks’ Scoop Up $83 Million Worth Of ADA Even As Price Continues To Head South ⋆ ZyCrypto

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Historically Accurate Cardano On-Chain Metrics Suggest ADA Price Could Triple In Near Term

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Cardano, the third largest proof of stake cryptocurrency, continued to fall during the weekend as traders took leave to celebrate the Christmas holiday. At press time on Sunday, ADA was trading at $0.2596 after a 0.68% drop in the past 24 hours, with the coin’s trading volume plunging by roughly 36.28%, according to data by CoinMarketCap.

Ostensibly, this holiday season hasn’t exactly been filled with cheer for crypto investors. Apart from battling inflation and market volatility, a recession seems to be looming ahead, keeping cryptos such as Bitcoin, Ethereum Dogecoin, and Shiba Inu enmeshed. Since tapping an all-time high of $3.10 last November, Cardano has plunged by over 91.64%, the highest among all the other top 10 cryptos by market cap. 

Cardano Sharks Accumulating ADA Rapidly

Nevertheless, despite the brutal winter, Cardano sharks seem to be splurging more money towards ADA at current discounted prices. According to on-chain and social metrics platform Santiment, ADA key shark addresses now hold 4 billion ADA after accumulating 331M more since the FTX implosion. Sharks for this particular cryptocurrency as addresses which hold 10,000-100,000 ADA.

As per the firm, whereas these addresses have been accumulating steadily since June 2021, they seem to have taken this level of dip buying to a new level since the FTX fallout in early November. 

Addresses holding 10k to 100k ADA have added $83M worth of coins since November 7th,” wrote Santiment. Notably, this cohort currently holds its largest percentage of supply in 1.5 years, that is, since June 2021.

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Key Metrics Encourage Investors

Besides large addresses adding to their bags, over 200,000 new Cardano wallets have been added in November alone. According to data provided by the Cardano Foundation, the overall number of wallets has risen to 3.80M from just under 3.62 million at the start of November. The cryptocurrency network also recounts explosive growth since 2021, with the number of smart contracts based on Plutus, a smart contracts platform by Cardano, surging by 394% to 4,445.

Furthermore, roughly 7.30M native tokens are already running on Cardano after a 192% spike in the past year, with the number of transactions surpassing 56.9 million, up 139% from 2021. Although these developments are yet to show in price, large investors are likely to continue purchasing ADA with the incentive to hold it for longer as their focus increasingly shifts from value rather than hype-driven investments.


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BitPay Announces Partnership With MoonPay – Bitcoin Magazine

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Bitcoin And Artificial Intelligence Frees Your Time - Bitcoin Magazine


BitPay and MoonPay, leading bitcoin and cryptocurrency payments infrastructure providers, have partnered “to provide BitPay users with significantly increased ways to buy cryptocurrency instantly, and at great rates.”

“BitPay’s unique marketplace experience also presents multiple rates for buyers, ensuring they receive the best possible price for their cryptocurrency purchases,” the press release states. “Additional benefits of the integration include fast delivery to any owned wallet address, as well as the ability for buyers to pay with their preferred method, including credit card, debit card, Apple Pay, Google Pay or a variety of local bank transfer methods.”


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Why Real Regulatory Change In Crypto Has Not Happened

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Why Real Regulatory Change In Crypto Has Not Happened



Legislators need to educate themselves on Web3 if they care about protecting consumers, Steven Eisenhauer, chief risk and compliance officer at Ramp, writes.


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South Korea to deploy cryptocurrency tracking system in 2023

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South Korea to deploy cryptocurrency tracking system in 2023


The Ministry of Justice in South Korea announced plans to introduce a crypto-tracking system to counter money laundering initiatives and recover funds linked to criminal activities.

The “Virtual Currency Tracking System” will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after remittance, according to local media outlet khgames.

While the system is slated to be deployed in the first half of 2023, the South Korean ministry shared plans to develop an independent tracking and analysis system in the second half of the year. A rough translation of the ministry’s statement reads:

“In response to the sophistication of crime, we will improve the forensic infrastructure (infrastructure). We will build a criminal justice system that meets international standards (global standards).”

The South Korean police previously established an agreement with five local crypto exchanges to cooperate in criminal investigations and ultimately create a safe trading environment for crypto investors.

Related: South Korean prosecutors request arrest warrant for Bithumb owner: Report

The South Korean Supreme Court ruled that crypto exchange Bithumb must pay damages to investors over a 1.5-hour service outage on Nov. 12, 2017.

The finalized ruling from the supreme court ordered damages ranging from as little as $6 to around $6,400 be paid to the 132 investors involved.

“The burden or the cost of technological failures should be shouldered by the service operator, not [the] service users who pay commission for the service,” the court stated.


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