Cardano (ADA) has recently experienced a notable surge in market capitalization. Blockchain analytics firm Santiment reported a 9% increase in ADA’s market cap over the past day, which adds to a more than 20% rise over the last two weeks.
Digging deeper into the Cardano blockchain data, there’s been a 23% rise in address activity over the past three weeks, according to Santiment, suggesting a growing use case or increased speculation about the altcoin’s future.
Concurrently, whale transactions, which are large transfers of ADA often indicative of deep-pocketed investors’ movements, have shot up by more than 32%. Such significant transactions can substantially impact market sentiment, potentially leading to price volatility or, in this case, a bullish trend for ADA.