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Dozens of new Cardano (ADA) whale and “shark” addresses are emerging amid Cardano’s price surge in the early days of 2023, according to the crypto analytics firm Santiment.
Santiment says 28 new addresses holding at least one million ADA have formed since the beginning of the year.
The analytics firm also notes that the Ethereum (ETH) competitor’s trading volume has hit a two-month high.
Popular crypto analyst Michaël van de Poppe told his 644,200 Twitter followers over the weekend that ADA would need to surge above $0.30 to break its downtrend, which it accomplished on Sunday. ADA is trading around $0.322 at time of writing and is up more than 31% since December 31st.
ADA’s recent price pump, however, pales in comparison to that of the player-controlled blockchain gaming platform Gala (GALA), up more than 155% since December 31st. The Ethereum-based project surged after its team announced they have begun development for films with American actors Dwayne “The Rock” Johnson and Mark Wahlberg.
Santiment notes GALA has seen a two-month high spike in whale transactions worth more than $100,000 amid its price explosion. The 99th-ranked crypto asset by market cap is trading around $0.0422 at time of writing.
GALA remains nearly 95% down from its all-time high of more than $0.82, which it hit in November 2021.
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- Dozens of cardano users are being investigated for not paying tax on their investments, according to a report by Nikkei.
- Kanto Shinetsu National Taxation Bureau has been investigating the 1.4 billion yen of tax missing, the report said.
- Reporting tax on digital currency investments has been a priority for Japanese authorities since 2018.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
Dozens of cardano network users have been investigated by authorities in Japan for tax evasion, according to a report by media outlet Nikkei on Sunday.
The Kanto Shinetsu National Taxation Bureau in Japan has been investigating 1.4 billion yen ($12 million) worth of missing tax. Ada investors based in the Japanese cities of Saitama, Tochigi, Gunma, Niigata, and Nagano among others were subject to investigation.
Japanese tax authorities have made reporting liabilities from digital currency investments a priority since 2018, the report said. The Tokyo National Taxation Bureau has also undertaken large-scale tax examinations, Nikkei added.
The Kanto Shinetsu National Taxation Bureau was not immediately available to comment when contacted by Insider.
Tax and regulatory authorities around the world have increased their scrutiny of crypto-assets as they have gained momentum and more mainstream adoption. Cardano, and its ada token, has seen a huge influx of investment, thanks in part to a recent upgrade that enabled the blockchain to host smart contracts
Ada is the 4th biggest coin by market capitalization after bitcoin and ether. Ada is one of the top performing cryptocurrencies of 2021, having gained over 1,000% so far this year, according to Binance data. It was last down 4.6% on the day to trade around $2.174 by 11:30 a.m. ET.