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Cardano Price Rally and Whale Activity

• Cardano (ADA) price has increased by 45% since the beginning of 2023, currently trading at $0.3565.
• Daily whale transactions on the Cardano blockchain network have jumped from 300 transactions per day in January to 1700 per day in February.
• Sharks and whales have accumulated 659.53M ADA coins, equivalent to $235.5M, since the collapse of FTX exchange.

Dormant Coins and Decreasing Active Addresses

The total number of dormant coins on the Cardano blockchain has been increasing, with an average amount of time coins sit in an address ballooning from 267 days to 407 days over the past six months. Additionally, the total number of daily active addresses on Cardano has decreased from 85,000 in November 2022 to 62,000 addresses per day now.

COTI Network Adds Multi-Wallet Support for Djed Stablecoin

COTI Network recently announced that it is adding multi-wallet support for Djed stablecoin which will be supported by wallets such as Flint, GeroWallet, Typhon Wallet, Yeroi Wallet, and NuFi. As a result of this move by COTI Network Djed can become more widely adopted in the broader crypto landscape.

Will ADA Price Explode?

With strong whale activity and multi-wallet support for Djed stablecoin being added by COTI Network investors are wondering if ADA’s price will explode or not? While these developments appear bullish for investors they also need to keep an eye out for other on-chain metrics such as total number of dormant coins and decreasing active addresses before making any investment decisions.

Conclusion

Cardano (ADA) has seen an impressive rally in its price since January 2023 with strong whale activity fuelling it further up. On-chain metrics such as total number of dormant coins and decreasing active addresses need to be monitored closely before making any investment decisions. Meanwhile COTI Network has added multi-wallet support for Djed stablecoin which could potentially boost its adoption rate going forward into 2023.