😱🚀🚀Here's Why Cardano Gained 65% After Losing 34,900 Addresses!
Data presented by the crypto analysis platform Century showed that the mysterious small wallet loss on November 17 could be the reason for the turning point in the price that the protocol later recorded.
According to the information shared by Century, the price of Cardano has increased by about 65% since the launch of this mysterious address, and 98.1% of the addresses had between 1 and 10 ISLANDS.
Currently, the price of Cardano is still in the green and is trading at $ 0.5947 after an increase of 9.41% in the last 24 hours. The rising price outlook increased the market value to $ 20,992,393,703 at the same rate, while the trading volume increased by 7.2% to $ 1,312,393,993.
Cardano has a balanced whale and retail sales activity. Century showcased its discovery using a graph spanning from September 11th to the present day.
From at least September 25 to November 17, the number of addresses holding from 10 to 100 CANDIDATES remained relatively constant, until it dropped drastically. According to Centimeter's data, 34,900 addresses in this category have disappeared. This address class remained stable until the early hours of the day when Century collected the data.
Centimeter
@santimentfeed
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📈 Cardano experienced a sudden loss of small wallets on November 17, 98.1% of which held wallets between $ 1 and $10 Dec. A decline in addresses of this size or smaller usually indicates capitulation and a potential price turning point. $ADA is +65% since then. h
Cardano Price Forecasts
Despite the positive changes in Cardano's on-chain metrics and the accompanying price increases, the price of the coin still lags behind its competitors, including XRP. Despite this, many market analysts and artificial intelligence algorithms predict that the rise will continue for Cardano.
One of the most recent estimates came from Tyler Strejilevich, who estimated that the ada could increase to $66, or about 6,000%, in the next 33 weeks.
