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Cardano (ADA) Getting Ready To Explode: Analyst Presents 16,500% Blowout

Cardano (ADA) has been stuck in an accumulation zone for a couple of months now and has not seen the kind of run-up other large cryptocurrencies have experienced. This continued accumulation as well as trading in a very tight range could mean a very significant breakout when it finally happens and one crypto analyst has predicted an incredible surge along these lines.

Cardano Could See A 16,500% Surge

Tim Warren, one of the hosts of the Investing Broz show on Discord, took to X (formerly Twitter) to share a rather bullish Cardano chart. In the chart, Warren points out Cardano’s previous price performance which has been nothing short of phenomenal.

As the chart shows, the ADA price had fallen around 98% from its prior all-time high which it had hit in 2018. By 2020, ADA’s price was sitting as low as $0.018, but the imminent turnaround would take the entire market by surprise. ADA would go on to rally a total of 16,500% by the time it hit its new all-time high of $3.10 in 2021.

Cardano ADA 16,500% rally

Applying this historical performance to the current price level of ADA could suggest another such rally. Cardano’s price is currently sitting around 92% below its all-time high, which puts it close to the same level it was back in 2020.

If ADA sticks to this historical performance and does a repeat, a 16,500% surge from the current price level would put the digital asset’s price at $40 at its peak.

Cardano ADA price chart from Tradingview.com (16,500% surge)

The Value Proposition Of ADA

Responding to Warren’s post, another X user, Chris O chimes in with the value proposition of the digital asset. Chris, who is the founder of Ghost Fund DAO, a protocol on Cardano, explained that ADA’s previous 16,500% surge had happened without having support for smart contracts and decentralized finance (DeFi), among others. But now that the network supports this, the founder believes this could trigger a large rise.

Chris points to the presence of DeFi, a rising Total Value Locked (TVL), non-fungible tokens (NFTs), and sidechains which are now prominent on the network. He also points out the various protocols which have been launched on the network across these different sectors.

As Chris points out, ADA had done a “165x from bear bottom” without Cardano having support for all of the sectors listed above. So he believes that “A 25x – 40x is a very reasonable expectation. Drown out the noise.”

Related Reading: Meme Coins That Are Ripe For The Picking Following $3.2 Billion Crash

Chris referred to Warren’s chart as a “simple chart showing FUTURE opportunity.” However, if ADA were to make a repeat of its 2020-2021 rally, a 40x would only be the beginning for the digital asset.

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Cardano Whale Addresses Continue To Fall, What Does This Mean For ADA Price?

The ADA price has moved in tandem with the rest of the crypto market after a small rally but Cardano whales continue to threaten this positive price action. According to recent data, the balances of large ADA whales have continued to decline, suggesting that they may be selling off their substantial holdings.

Cardano Whale Balances See Large Drop

Over the last month, the balances of Cardano’s largest holders have been on a decline. This has occurred as the price of ADA has fallen but with each small recovery, these whales seem to be taking advantage of the market to sell at a profit.

The significant drop in balances over time has been noticed in the wallets holding between 1 million and 10 million ADA have fallen. This assertion is backed up by data from IntoTheBlock which shows a large decline in the holdings of these large holders.

Cardano ADA whales

Toward the end of September, addresses holding between 1 million and 10 million ADA held a total of 5.63 billion tokens. However, going into October, their balances began to drop by the millions. By October 15, their total balance was sitting at 5.41 billion, representing a drop of 220 million tokens.

At the same time that this was happening, larger whales holding between 10 million and 100 million ADA have been increasing their balances. Their holdings increased from 11.81 billion ADA to 12.26 billion ADA toward the end of September. It then saw a small reversal but in August, their holdings settled at 12.16 billion tokens, representing a 300 million increase.

This would suggest that while the 1 million to 10 million cohort had been selling, the 10 million and 100 million cohort had seized the opportunity to buy. This ended in a transfer of over 300 million ADA to these already massive whales, increasing their dominance in the market.

Cardano ADA price chart from Tradingview.com (Whales)

ADA Holders Plunge Further Into Losses

Amid the sell-offs from the 1 million to 10 million ADA cohort, Cardano holders continue to feel the impact of the bear market. Unlike the rest of the top 10 largest cryptocurrencies which have maintained a good profitability ratio, ADA has performed horribly.

Cardano ADA addresses in profit

According to data from IntoTheBlock, only 6% of the almost 4.5 million ADA holders are seeing profit. A whopping 4.09 million addresses are sitting in losses, accounting for 91.76% of the total holder base. In contrast, 2.06% (91,990) addresses are breaking even.

ADA is currently trading at $0.25, a 91.84% drop from its all-time high price of $3.10, according to Messari. However, it remains the 8th-largest cryptocurrency with a market cap of $8.88 billion.

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Cardano (ADA) Addresses In Loss Rise Over 94%, Is It Time To Jump Ship?

Cardano is down 45.6% from its yearly high of $0.4518 and is showing no signs of slowing down at the moment. Data has shown that at its current price, the majority of Cardano holders are losing money, further showing the state of the cryptocurrency’s price. 

Cardano (ADA) addresses in loss is now over 94%, leaving many investors wondering if it’s time to cut their losses and move on. 

Cardano (ADA) Addresses In Loss Rise Over 94%

Cardano (ADA) is currently the 8th largest crypto by market cap, with a market cap of $8.65 billion. However, all metrics have pointed to the cryptocurrency losing stream and struggling to receive inflow from investors. 

For instance, ADA is down by 7.% in a 7-day time frame. Its trading volume has also fallen by 12.67% in the past 24 hours, showing a lack of interest in either buying or selling the cryptocurrency.

Data from IntoTheBlock’s In/Out of the Money metric has shown the number of Cardano addresses in red is now at 94.15%. The metric, which shows the number of addresses making profits and losses at a cryptocurrency’s current price, shows that the number of Cardano addresses in loss is now over 4.19 million. 

Many ADA investors bought in near the peak hype during its all-time high. Of the 4.19 million addresses in loss, 691,480 addresses bought between $1.59 to $2.97, and 608,590 addresses bought between $1.17 to $1.59. On the other hand, only 174,840 Cardano addresses representing 3.92% of the total addresses, are currently at a profit.

Cardano ADA holders

Whale transactions have also been quiet on Cardano’s blockchain in the past 24 hours. Another IntoTheBlock metric shows the number of transactions with a value of $100,000 or greater has been in a freefall since May. 

Cardano ADa transactionsSource: IntoTheBlock

Is It Time To Jump Ship?

The low profitability of ADA holders is probably surprising, given the Cardano blockchain’s popularity. According to recent data released by blockchain analytics firm Santiment, the Cardano network is still the most popular among developers. 

Cardano developers have also been actively building and introducing exciting innovations to the blockchain and ecosystem. One example of these developments is the updates to its Lace wallet.

Cardano’s founder, Charles Hoskinson, recently dismissed rumors of issues within the blockchain. And as long as developers remain dedicated to improving the network, Cardano will continue to progress as one of the biggest cryptocurrencies. 

For long-term believers in ADA, the current low price could actually be an opportunity to stock up in anticipation for the next crypto bull market. 

Cardano ADA price chart from Tradingview.com holders

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Cardano Founder Addresses ETHGate Rumors: Did Ethereum Bribe The SEC To Go After XRP?

Cardano founder Charles Hoskinson recently gave his thoughts on whether the US Securities and Exchange Commission (SEC) had given Ethereum a regulatory free pass as recent rumors suggest.  

Cardano Founder Alleges Favoritism Toward Ethereum

In an AMA session shared on X (formerly Twitter), Hoskinson mentioned that the Himman emails and other revelations expose the thought process of the SEC and show that there was unequal application, which he doesn’t see anything wrong with. Furthermore, he believes that none of the Commission’s actions presupposes corruption but only favoritism. 

It is worth mentioning that Hoskinson happens to be a co-founder of Ethereum. However, he was forced to exit the team after he suggested that Ethereum be run as a commercial entity rather than a nonprofit, but this idea didn’t seem to resonate with others on the team. 

As such, one can easily assume that there could be some form of bias in his statement, as he could feel endeared to Ethereum despite the circumstances surrounding his exit. Reacting to the clip, One X user stated that Hoskinson’s “old ETHGATE buddies” may have convinced him to make such statements. 

Meanwhile, others in the crypto community criticized his statement, emphasizing that there was really no difference between favoritism and corruption, especially when a government agency is involved. Some went as far as alleging that Hoskinson could well have been involved in the scandal and that he was talking “like a defendant.”

Ethereum price chart from Tradingview.com (ETHGate Cardano founder Charles Hoskinson)

Himman Emails And Other Revelations A Big Deal

While Hoskinson may have tried to downplay the Himman emails and other revelations, they undoubtedly lay a foundation as to possible wrongdoings of the Commission. For one, the email showed that Bill Hinman had interacted with Ethereum’s co-founder, Vitalik Buterin before he gave his speech, where he mentioned that ETH wasn’t a security. With this in mind, Buterin could have possibly influenced Hinman’s speech.

There have also been revelations of how the SEC had close ties with Ethereum, which instantly presupposes a conflict of interest as it becomes harder to regulate or deal fairly with such a body without being influenced by external factors. 

Meanwhile, Steven Nerayoff, who was an active participant during Ethereum’s Initial Coin Offering (ICO), continues to allege that the SEC was corrupt in its dealings with Ethereum and that he has evidence to back up his claims. 

Pro-XRP legal expert John Deaton has also confirmed Nerayoff’s claims as he has seen this supposed evidence under the attorney-client relationship. 

In his announcement last month, Deaton mentioned that Bill Himman’s cross-examination would be of “epic proportions” and even offered to handle that personally if the SEC’s case against Ripple were to go to trial.

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Factors That Suggest A Recovery For The ADA Price

Even with the Cardano network hitting seeing good metrics over the last month, the ADA price has remained rather stale in its performance. However, this trend might soon change for the digital asset as multiple developments have emerged that could fast-track its recovery.

Cardano Whales Go To Market

It is no secret that Cardano whales have often doubled down on their positions even at times when the digital asset has suffered from the bear trends. This has not changed, especially with the most recent dip in the ADA price, which sent the whales into a buying frenzy instead of dumping their holdings.

Earlier in the week, ADA fell as low as $0.2422, which is the second-lowest that the price has been this month but this did not deter believers in the coin. Instead, Cardano whales increased their activity, suggesting that they were scrambling to buy the digital asset at what is believed to be a low price.

Cardano ADA whales

Data from IntoTheBlock showed that these whales moved over $3 billion worth of ADA on Monday alone. While this doesn’t exactly serve as evidence for buying, the time frame in which this happened is what points toward accumulation.

The whales began to move these tokens not long after the price dip. Additionally, since then, the digital asset has been showing strength with the ADA price recovering and eventually beating the resistance at $0.245.

This continued show of strength on the part of the altcoin suggests that the whales had been buying the token rather than selling it. In this case, they expect the ADA price to continue to rise, and choose to add to their positions.

Cardano ADA price chart from Tradingview.com

ADA Price Could Be Poised For A Rally

Another interesting development on the Cardano network that could boost the ADA price is the rise in its active users. IntoTheBlock’s data showed a prominent jump in the daily active users that brought it up to over 42,500 addresses. This translates to a more than 60% increase from the prior figures.

Related Reading: Ethereum Open Interest Barrels Past $5.2 Billion, Is It Time To Buy?

Now, the daily active addresses have begun to correct downward with the DeFi tracking website DeFiLlama showing a total of 31,846 active users in the past 24 hours. Nevertheless, this remains significant, surpassing the likes of Avalanche at 29,042 daily active users.

This surge in active addresses suggests rising interest in the Cardano network. Given that ADA is the token that powers the entire ecosystem, a rise in activity means more demand for the token as users need it to carry out transactions.

The ADA price has also been trading in a tight range for some time. So a bounce from there would see the token’s price retest the $0.26 resistance in no time.

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Cardano: Factors That Could Drive ADA Price As High As $12

The Cardano community has been one of the fastest-growing in the crypto space and this has shone a heavy spotlight on the ADA price. With expectations mounting already even amid the crypto winter, there are key factors that stakeholders believe could drive the altcoin’s price as high as $12.

ADA Price Could Reach $12

In the last bull market, the ADA price went on a tremendous rally that saw the coin rise from as low as $0.03 to as high as $3.10 at its peak. This price action cemented the token as one of the winners of the bull, and some investors believe that the coin could be poised for another repeat of this price action. One X (formerly Twitter) user has given some points as to why this could be the case.

In the post, the user points to the current state of interaction and sentiment in the crypto market right now, which they refer to as brutal. However, they do not believe that this will always be the way things will be. According to the user, a quick change in the interaction and sentiment would lead to a rapid price increase.

At this point, they believe that most investors will end up entering the asset at a much higher price of $3 and above. This would put it at its previous all-time high. However, it doesn’t end there. They put forward that at the end of the next bull market, the ADA price would be between $8 and $12.

As with any forecast, a timeframe is often asked and they responded that they expect this to happen in the second quarter of 2025. This would coincide with the current 4-year cycle that usually sees prices of cryptocurrencies topping out by Q2 and Q3.

Cardano ADA price chart from Tradingview.com

Cardano Is In Better Shape

A prominent Cardano influencer has also painted a bullish picture for the digital asset. @cardano_whale, an account that boasts over 137,000 followers on X, said in a tweet that the Cardano network is currently in better shape than it has ever been.

They urged investors who have been increasingly critical of the network to think if they are that way because they are projecting their emotions from the ADA price action onto the network itself. “If you’ve noticed yourself become increasingly negative about it over the last year or so, consider that you might just be projecting emotions from price action onto it,” the post read.

Although ADA has not seen the most impressive performance, it has not deterred bullish predictions from analysts. One analyst explained that ADA at $0.25 was a prime accumulation price and that the price of the digital asset could climb as high as $5.

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Is Cardano (ADA) The Worst Investment Of 2023? Here’s What The Data Says

Over the years, Cardano (ADA) has grown to be one of the most beloved cryptocurrencies, securing its spot as one of the top 10 largest cryptocurrencies by market cap in the process. However, while the Cardano network has grown tremendously, investors in its native ADA token have not been as lucky with profitability levels plummeting over the last two years.

How Many ADA Holders Are Seeing Profits?

Data from the on-chain tracking website IntoTheBlock shows that ADA might be the worst performer of the top 10 in terms of profitability. While the other assets in the top 10 have managed to maintain a reasonable profitability level for holders during the bear market, ADA has been in free fall.

As a result of this, the tracker shows that the percentage of ADA investors seeing any kind of profit at this time has fallen to 0%. An alarming 95% of holders are reported to be seeing losses while 4% are sitting in neutral territory, meaning the prices at which these tokens were last moved correlate with the current price of the altcoin.

Cardano ADA holders

To put this in perspective, Bitcoin, the largest cryptocurrency in the market, is sitting at 64% of holders in profit. Ethereum, the second-largest cryptocurrency, is at 52% of holders in profit. Dogecoin, which is one spot ahead of Cardano on the list, is at 41% of holders sitting in profit.

Mid to long-term traders also completely dominate the ADA holder base. According to IntoTheBlock, 39% of all holders have held their coins between 1-12 months, while 61% of all holders have held for more than one year.

Cardano Not Giving Up The Fight

Despite the low profitability of the coin, investors seem to be looking toward ADA’s current price level as a good entry. This is evident in the CoinShares Digital Asset Fund Flows Weekly report that showed that despite massive outflows from digital asset products, Cardano held strong. The altcoin was able to maintain its inflow trend with another $0.43 million flowing from institutional investors into the asset.

Crypto analysts are also very bullish on the coin’s potential. One analyst, Kara Szabo, predicted that the price of ADA would rise as high as $5 in the next bull market, saying that the altcoin is in a prime price range for accumulation.

Another analyst Hashtoshi, also said in an interview that he expects the altcoin to exceed its previous all-time high price marked in 2021. Hashtoshi attributes this expected rise to the network’s design and strong community backing the token.

Cardano ADA price chart from Tradingview.com

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These Countries Are Picking Shiba Inu Over Dogecoin And Cardano

Shiba Inu has been constantly garnering favor among crypto investors since its first price surge back in 2021. Even with the price drop over the last year, the meme coin still features as an investor favorite, surpassing the likes of Cardano and Dogecoin in countries with a large crypto investor presence.

Shiba Inu Search Surpass Dogecoin And Cardano

Google Trends has shown that interest in Shiba Inu has surged ahead of that of Dogecoin in Canada and the United States, as well as Cardano. The data which shows the movements over the past 12 months shows points in time where the search for Dogecoin had spiked significantly, leading to a remarkable lead by Dogecoin compared to Shiba Inu and Cardano.

However, as time has passed and periods of brief spikes have been left behind, the trends have indicated that Shiba Inu remains the asset of the three gaining investors’ attention. Since April 2023, SHIB has appeared ahead of both Cardano and Dogecoin with no end in sight for this trend.

In September alone, the interest in Shiba Inu has come out more than double those of Cardano and Dogecoin. Even toward the end of August when the crypto market crashed and interest waned, Shiba Inu went in the opposite direction.

Shiba Inu Google Trends

This spike in interest shown in the chart above coincides with the launch of the Shibarium blockchain. The Layer 2 network built atop the Ethereum blockchain was in the works for a long time and when it eventually launched in August, it triggered renewed interest in the SHIB token which currently serves as its official governance token.

SHIB Falls Behind Dogecoin In Profitability

While Shiba Inu is leading in terms of interest, it has not translated to profitability for the meme coin’s holders. The percentage of SHIB holders currently seeing any kind of profit is at only 9% compared to 41% for DOGE holders, according to data from IntoTheBlock.

However, SHIB is still doing well compared to Cardano in this regard whose holder base is almost completely submerged in losses. Data shows that ADA holders in profit are sitting at a sad 4%. When put in contrast with SHIB’s numbers which is still disappointing, the meme coin is seeing twice as many holders in profit.

In terms of price performance, all three have performed similarly when comparing their current prices to their all-time prices. SHIB is down 91.49% from its ATH, while Dogecoin and Cardano are down 91.59% and 91.89%, respectively, data from Messari shows.

Shiba Inu SHIB price chart from Tradingview.com (Dogecoin and Cardano)

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Analysts Are Bullish On ADA But Price Keeps Tanking, What’s Going On?

One coin that analysts seem to still be bullish on is Cardano’s native token ADA. However, despite all of the faith that remains in the digital asset, the price continues to tank and has fallen below multiple important support levels.

Analyst Goes Deep On Cardano

In an interview hosted by Altcoin Daily, crypto analyst Hashoshi shares very bullish views on the Cardano network. He starts out by explaining that the design decisions being made by the Cardano network have been some of the better ones in the space. Going further, Hashoshi lauds the development rate of protocols on the blockchain as projects continue to build.

“Cardano’s done things almost completely different from the start,” the analyst said. “They’re in a good position right now, despite what people might believe, to make a resurgence if the conditions are correct,” he further added.

For the price of ADA, the analyst explains that with liquidity coming back into the crypto space, the price of the digital asset could reach above its previous all-time high of $3.10.  “The community is still strong… and I think then you see them outstrip that previous all-time high.”

Hashoshi is not the only analyst bullish on the price of ADA going forward. Another analyst Kara Szabo has predicted that the price of the digital asset could climb to $5. Szabo also bought $20,000 worth of ADA at the start of September, signaling the analyst’s conviction on the altcoin’s bullish performance going forward.

“My conservative price estimate for the next bull run is $5,” Szabo said on X. “I know some people will think this is low, but this is a 20x from the current price!! For a large market cap alt, this very well may be one of the best plays in crypto at the current price point.”

Cardano (ADA) price chart from Tradingview.com

But Why Is ADA Price Falling?

Despite the bullish sentiment that has enveloped the digital asset, the ADA price has continued to struggle in the market. The reason for this decline can be attributed to a significant amount of ADA being unstaked from smart contracts, causing the total staked ADA to slide downward.

Data from DeFi tracker DeFiLlama shows that the total tokens staked on the Cardano network dropped from above 777 million on September 2 to 733 million on September 11. This meant that over 43 million ADA were unstaked and likely made their way to the open market as these holders sold their stash.

Staked ADA falls

Such a large amount being dumped into the market in a period of low liquidity could see the altcoin continue to drop, especially if more ADA is unstaked to be sold in the open market.

However, ADA’s long-term outlook remains bullish as the Cardano network remains one of the networks with the most developments taking place. As developers flock to the network, investors are expected to follow.

At the time of writing, ADA is struggling at $0.24, down 2.33% in the last day and 5.10% in the last week.

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Base Chain TVL Surpasses Cardano As Interest Swells

Ethereum Layer 2 network “Base” has surpassed Cardano in terms of Total Value Locked (TVL) in just two weeks after its official launch, despite Cardano experiencing a multi-year head start in growth and development. 

Base TVL And Trading Volume Rises Above Cardano

Presently, Cardano is facing criticism from users due to its TVL falling below that of the newly launched project “Base” built by Coinbase. One individual who has publicly criticized the project is Evan Van Ness, a Consensys member and Ethereum advocate.

Van Ness took to his X (formerly Twitter) account which boasts over 103,000 followers to call Cardano a “Zombie chain” because it was below Base by TVL despite being years ahead of the latter.

Base was launched on August 9 and it has experienced impressive growth and momentum since it was introduced to the public. According to Data from DeFillama, the layer 2 network Base recorded a higher trading volume ($26.23 million) than that of the layer 1 network Cardano ($20 million) in less than 24 hours after its official launch. 

In terms of TVL, at the time Van Ness’s chart was shared on X, Base had managed to secure $188 million in TVL since it was introduced, surpassing Cardano which sat at the 14th position by TVL with $160 million.

However, these figures have since been flipped especially since ADA is seeing a green day on Saturday. DefiLlama data currently shows a TVL of $188.46 million for Cardano versus $185.53 million for Base.

Cardano TVL

Nevertheless, data from L2beat points Base’s rise in TVL over the past week puts it ahead of StarkNet and others which made it the fifth largest layer-2 network. 

Base TVL is, however, not the only impressive thing about the L2, as the network has outperformed Cardano by completing more transactions in its first week than Cardano’s transactions in a month. 

Although Base’s TPS may be lower than that of other layer 2 networks like Optimism (OP), investors and market observers believe that the network will experience more adoption as its ecosystem grows.

Rising Average Transactions Per Second

Base has recorded over 11 million transactions in less than a month since its official launch. Base’s average transactions per second over the past few days has been reported to be 15.88, surpassing other layer 2 blockchain Abritrum (AB) and Optimism (OP). The network’s 15.88 also shows an increase of almost 160% in daily Transactions Per Second (TPS). 

Base’s TPS rise was no coincidence as more investors engage in Base’s Friend.tech. Friend.tech is a social market that allows users to buy and sell shares in public figures. It has reportedly garnered more than 100,000 users since its release.

Other protocols such as Synthenix have also shown interest in the Base network, as the protocol recently concluded a governance vote to deploy on Base. Another development is the on-chain analytics firm Arkham Intelligence announcing on X earlier in the week that it will be adding support for Base.

Cardano (ADA) price chart from Tradingview.com (BASE TVL)