Cardano Whales Are Stockpiling ADA Tokens
It appears that Cardano is currently experiencing a period of stability in response to the cryptocurrency market. However, there has been a notable increase in the accumulation of ADA tokens by large investors, particularly Cardano whales holding between 100 million and 1 billion ADA. Recent data from IntoTheBlock shows that these whales have increased their holdings by 11% through transactions conducted last month.
ADA Whales Are Buying
This significant acquisition by major ADA investors may indicate growing confidence or strategic maneuvers. At present, this group of ADA investors holds 6.71% of the total supply, highlighting the considerable influence that whales have on the Cardano ecosystem.
There has been a gradual uptick in Cardano whale activity in recent weeks, which has historically been associated with potential price reversals, signaling shifts in market sentiment.
Read Also: Cardano Price Forecast: Did Bitcoin’s 8% Increase redeem ADA?
Despite this trend, ADA has shown a slight recovery, trading at $0.4594 at the time of writing, reflecting an increase of more than 1% in the last 24 hours.
Some experts believe that ADA could target $7.80, similar to its surge in 2021. Other optimistic forecasts in the market suggest that ADA could reach approximately $1.70, potentially progressing toward a “parabolic” peak of $10, demonstrating significant confidence in growth expectations.
Rumors about the potential listing of ADA on the Gemini exchange earlier this week are believed to have positively impacted the cryptocurrency, as it could prompt significant price movement for the token.
Read Also: PEPE Coin (PEPE) Surges to All-Time Highs: Whale Investor Makes 8x Profit
A Closer Look at Cardano’s User Activity
However, despite positive price projections, user activity on the Cardano network has been declining since March of this year. Data compiled by Artemis indicates that daily transactions on the network have substantially decreased, currently hovering around 50.7 thousand compared to approximately 96 thousand recorded two months ago. Furthermore, daily active addresses have followed a similar trajectory, briefly falling below 24 thousand this month. These declines in user activity raise concerns about the current usage and adoption rates of the network, despite the positive sentiment surrounding Cardano’s price potential.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
