Another aspect to consider is that Cardano has recently emerged as a platform for meme coins. The launch of the first meme coin on the Cardano network, Hosky, sparked a rally within the meme coin community on Cardano. Given the volatile nature of meme coins, they often witness bursts of high-volume transactions, which could be contributing to the spike. Whale investors might be taking advantage of this trend by purchasing substantial amounts of ADA to invest in these new tokens.