Cardano (ADA), currently the eighth-largest cryptocurrency by market capitalization, has recently seen a notable increase in whale activity. 

According to crypto analyst Ali, ADA whales have strategically acquired over 14 million ADA tokens, valued at approximately $8.40 million, in the past two weeks alone, specifically on Jan. 4.

In the last two weeks, #Cardano whales bought over 14 million $ADA, worth around $8.40 million! pic.twitter.com/Jq6b66NLGI

— Ali (@ali_charts) January 4, 2024

These significant holders, commonly known as whales, demonstrate a bullish sentiment toward Cardano’s prospects as 2024 unfolds, accumulating a substantial amount of ADA quickly, signaling anticipation of a potential price increase.

Anticipation for developments within the ADA ecosystem in 2024 could contribute to this whale accumulation. Notably, the upcoming ADA’s Network event, “The Chang Hard Fork,” marks the initial step toward establishing a minimally viable community-run government. 

Its implementation will rely on the approval of the Cardano community, utilizing the consensus mechanism developed with this hard fork. The Chang hard fork will initiate the bootstrap of the ADA governance model, with expectations that 2024 will witness significant strides toward full community governance. 

The year is slated for ADA’s constitution workshops, a convention, numerous voting events, and further progress from Intersect. Charles Hoskinson, the founder of Cardano, has expressed his optimism for 2024, asking the Cardano community if they are prepared for an extraordinary year.

Cardano From Lows To Surge

Despite Cardano’s native cryptocurrency, ADA, rebounding from recent lows of $0.54 observed on Jan. 3 during a broader market decline. According to data from CoinMarketCap, ADA currently stands at $0.574, reflecting a 2.61% increase in the last 24 hours at the time of writing.

Recent data indicates a notable surge in Cardano’s daily active addresses, reaching 47,930, marking a 12.87% increase over the past 24 hours. While this achievement is commendable, it falls short of the January 2 record, where the ADA network registered 52,330 daily active addresses.

Comparing the current figure to Dec. 31, 2023, reveals a substantial growth of 26.09%, rising from 41,500 daily active addresses.

ADA | 1-day Chart

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