Cardano whales on buying spree as COTI adds support for DJED – CryptoNewsTo

Cardano whales on buying spree as COTI adds support for DJED

  • So far in February, the Cardano daily whale transactions have jumped by 5x in comparison to January.
  • COTI Network’s multi-wallet support for Djed stablecoin will boost adoption in the broader crypto landscape.

Cardano (ADA), the world’s eighth-largest cryptocurrency has been part of the altcoin market pump. Since the beginning of 2023, the ADA price is up by 45 percent and is currently trading at $0.3565 with a market cap of $12.3 billion.

The good thing about this price rally in ADA is a strong whale activity on the Cardano blockchain network. While the crypto market sentiment has dampened over the last week, while transactions have surged significantly since the beginning of the month.

So far in February, the average Cardano whale transactions are approximately 1,700 transactions per day valued at $100k or more. This is nearly 5x more than last month’s average per day transactions of 300.

Courtesy: Santiment

Also, the Cardano sharks and whales have been systematically accumulating ADA coins ever since the collapse of the crypto exchange FTX. In its report, Santiment explains:

Whale and shark addresses holding 10k to 10m ADA have accumulated 659.53M ADA, which equates to $235.5M. This turnaround coming from the key stakeholders of Cardano is a nice sign.

Courtesy: Santiment

While these developments could sound bullish to investors, they also need to observe some other on-chain metrics. The total number of ADA dormant coins continues to sit for a longer time on the Cardano blockchain. “Six months ago, the average amount of time coins sat in an address was 267 days. That number has ballooned to 407 days, as circulation continues to struggle,” the report notes.

Similarly, the total number of daily active addresses on Cardano has dropped from 85,000 in November 2022, to now at 62,000 addresses per day.

COTI Brings Multi-Wallet Support for DJED Stablecoin

The COTI Network, which is working on Cardano’s native stablecoin Djed announced the addition of multi-wallet support for Djed. Some of these supported wallets include Flint, GeroWallet, Typhon Wallet, Yeroi Wallet, and NuFi. This move by the COTI Network will further push the adoption of Djed stablecoin in the broader crypto landscape.

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Besides, certain UI improvements have also been made to offering a better view of DJED’s and SHEN’s status along with the mintable amount for each. Users can easily check the latest updates on the reserve ratio.

Furthermore, COTI has added an option to switch easily between the mainnet and testnet. In its concluding note, the COTI Network added:

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We will add a feature for SHEN holders to check the status of their delegation rewards in the coming weeks. We will also keep on working towards establishing more Djed partnerships and integrations across the Cardano DeFi ecosystem. Stay tuned for more updates.

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