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The adoption of Cardano (ADA) continues to grow following a massive surge in the price of cryptocurrency in recent times.
Whale accumulation of ADA has been on the increase in recent times, as fresh data from the Santiment Feed show an accumulation spree among addresses holding between 100,000 and 1,000,000 ADA.
Per the data, addresses holding between 100,000 and 1 million ADA have purchased a combined 16 million ADA in the last 24 hours.
“On-chain data from @santimentfeed shows that the number of addresses holding 100K to 1M $ADA have scooped up more than 16,000,000 #ADA in the last 24 hours,” veteran cryptocurrency trade tweeted.
#Cardano | On-chain data from @santimentfeed shows that the number of addresses holding 100K to 1M $ADA have scooped up more than 16,000,000 #ADA in the last 24 hours. pic.twitter.com/gWHwF735kx
— Ali Martinez (@ali_charts) March 1, 2022
Massive Growth Over the Past Month
Recall that just last month, on-chain data suggests that Cardano addresses holding between 100,000 and 1 million ADA plummeted from 37% to 17% in the last three months amid the decline in price.
At the time, many whale traders feared that Cardano, which dipped to $0.77, could shred more of its value in the coming days, as the ongoing war between Russia and Ukraine becomes more fierce.
On the contrary, things seemed to be moving in cryptos’ favor in the late hours of Monday evening, as the crypto market spiked by more than 10% to top $2 trillion.
Cardano, which currently sits in ninth position in the global cryptocurrency rankings, was not left out of the massive surge.
ADA has been up over 10% in the last 24 hours, with its value surging above $1 in the early hours of today.
Russian Cryptocurrency Adoption
The development comes at a time when traders reaffirm their belief in cryptocurrencies following a widespread report that Russia could turn to the asset class to navigate SWIFT sanctions.
As reported, the U.S. and the EU collaborated to ban Russian banks from using SWIFT. In a bid to navigate the sanctions, many suggested that Russia could turn to Bitcoin (BTC) and other cryptocurrencies as measures to sustain its economy.