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Cardano Whales Helped Price Surge After Accumulating Over 405 Million $ADA, Data Suggests

Large Cardano ($ADA) token holders have aided the price of the smart contract platform’s native currency in recent weeks after amassing over 405 million $ADA, increasing the quantity under their control.

According to on-chain analytics firm Santiment, Cardano addresses with 100,000 to 100 million $ADA coins now have the most in their wallets since November 8, when cryptocurrency exchange FTX went bankrupt.

Transactions on the cryptocurrency’s network worth more than $100,000 have also just reached a 12-week high, according to the business.

The whale buildup comes as the number of Cardano smart contracts deployed has topped 5,000 for the first time, as the network continues to develop and the cryptocurrency market rebounds.

According to Cardano Blockchain Insights statistics, there were about 4,000 smart contracts on Cardano in early December, and the figure has now risen to over 5,000 at the time of writing.

Plutus is the “Cardano blockchain smart contract platform,” which allows users to “build apps that interface with the Cardano blockchain.”

Cardano hit the 3,000 smart contract threshold in August of last year, according to CryptoGlobe, after adding about 100 smart contracts in a month at the time. The Cardano Foundation recently disclosed that the network continued to develop in January, with over 60.2 million transactions logged and over 7.66 million native tokens deployed.

Notably, the cryptocurrency community has set a bullish price target for smart contract platform Cardano this month, with nearly 1,800 cryptocurrency community members predicting that the smart contract platform’s price will trade at $0.45 by the end of February, representing a nearly 15% increase from $ADA’s current $0.38 level.

The cryptocurrency community appears to be becoming more negative on the coin as time passes, with projections for the end of May at $0.3, reflecting a 12% increase for the smart contract platform.

It’s vital to note that the bitcoin community’s forecasts may never come true. According to the site, the community’s historical accuracy is slightly higher than 48%, with current data indicating that it was about 60% in September and October 2022, with a peak of 6.8% in December. It reached more than 80% in January.

The community’s price estimate for January indicated a 94.6% increase for $ADA, which was selling at $0.254 at the time and was predicted to grow to $0.495.

 

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