Cardano Whales Return to Accumulation Pushing ADA Price Up

The world’s eighth-largest cryptocurrency Cardano is showing some price action once again gaining more than 8% in the last two days and defying the broader market correction. As of press time, ADA is trading 2% up at a price of $0.27 with a market cap of $9.3 billion.

On the weekly chart as well, ADA has double-digit returns while other altcoins are struggling at the lower end of single digital returns. As per on-chain data, Cardano whale addresses holding between 1M to 100M are back in action once again. On-chain data provider Santiment reports:

Cardano is enjoying a mini surge at this hour, and addresses holding between 1M to 100M $ADA may be a main validator to watch for a price breakout. After dumping 568.4M coins the final 2 months of 2022, they have added back 217.2M $ADA to start 2023.

Despite the crypto winter last year in 2022, the Cardano development team has been working on a few developments for the blockchain network.

Key Developments Expected for Cardano in 2023

Two stablecoins are supposedly making their way to the Cardano blockchain platform by the first quarter of 2023. The first one will be a USD-backed stablecoin USDA transacting on the Cardano blockchain.

Besides, Cardano is also working on its own stablecoin Djed in partnership with Coti. Via Cardano’s smart contract design, this stablecoin will maintain its peg to the USD.

After the successful launch of the Vasil hardfork last year around September, the Cardano team is now taking the next step towards improving platform scalability. The most-awaited development this year is Cardano’s Layer-2 scalability solution Hydra which will improve transaction speed with low latency and high throughput without compromising on the low gas fee. As Cardano sees a rise in the DeFi protocols on the platform, Hydra will be a crucial development.

Another development could be introducing oracles on the Cardano blockchain. As a result, Cardano could facilitate the connection between on-chain and off-chain data. It means Cardano is pitching a head-on competition to Chainlink (LINK).

With these developments, ADA could prove to be a rewarding altcoin for investors in 2023.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.