After months of severe underperformance, Cardano’s price is up roughly 17% over the last 24 hours.
The price of ADA now stands at $0.32, and its market capitalization is over $11 billion. By market capitalization, Cardano’s native cryptocurrency surpassed the meme cryptocurrency Dogecoin (DOGE).
Since there was no announcement associated with the latest price move, it seems to have come out of nowhere.
Although sudden bouts of volatility are common for cryptocurrencies, there is some speculation that whales manipulated the order books to trigger the most recent price move.
It’s likely that whales, a group of ADA owners who control a substantial portion of the cryptocurrency’s supply, are trying to trick market players into believing the cryptocurrency is rallying legitimately.
If this is the case, the recent price increase may turn out to be a flash in the pan, and the price will fall back to where it was trading the day before. ADA was one of the worst-performing cryptocurrencies in 2022, losing over 90% of its value.
Since the Vasil hard fork, which ended up being a “sell the news” event for ADA, the cryptocurrency has been severely underperforming. As a result, the recent increase is undoubtedly welcome news for Cardano bulls.
Other major cryptocurrencies are also up, with Shiba Inu (SHIB) up 4% and Bitcoin surpassing $17,000.