The worth of Cardano has surged roughly 17% during the last 24 hours after months of extreme underperformance.

ADA has now surged to $0.32, with its market capitalization topping $11 billion. This allowed Cardano’s native cryptocurrency to surpass meme cryptocurrency Dogecoin (DOGE) by market capitalization.

The newest worth transfer seemingly got here out of nowhere since it’s not linked to any announcement.

Whereas such sudden bouts of volatility are frequent for cryptocurrencies, there may be some hypothesis that the newest worth transfer was triggered by whales manipulating the order books.

Whales, a bunch of ADA house owners who management a considerable portion of the cryptocurrency’s provide, are seemingly trying to trick run-of-the-mill market individuals into pondering that there’s a respectable rally.

If that’s the case, the current worth enhance may merely find yourself being a flash within the pan, and the value will collapse to the extent it was buying and selling on the day earlier than.

ADA was one of many worst-performing cryptocurrencies of 2022, shedding greater than 90%.

The cryptocurrency has been severely underperforming because the Vasil exhausting fork, which ended up being a “promote the information” occasion for ADA. Therefore, the current spike is actually a welcome improvement for embattled Cardano bulls.

Different main cryptocurrencies are additionally within the inexperienced, with Shiba Inu (SHIB) including 4% and Bitcoin topping $17,000.