Cardano whales’ activity increased substantially this week, is ADA poised to hit $1?

Cardano whale activity hints at a push for a bullish run to $1.
The network’s on-chain transfer volume surpasses Dogecoin, Ethereum, and Bitcoin.

With Cardano’s Vasil hard fork getting closer, whales and sharks purchased about $138 million worth of ADA this week. Also, data shows that the total number of wallets holding ADA tokens is now more than 3.5 million. The ADA price keeps rising despite the postponement of the Vasil hard fork, which was previously scheduled for July.

After the latest postponement, Cardano founder Charles Hoskinson said there would be no further delay of the hard fork. Last week, IOG’s technical manager (Kevin Hammond) explained that the postponement was to perform additional tests and ensure a smooth rollout process. The whale activities and the buzz within the Cardano community have helped the native token price to remain around the $0.50 range.

Related: Cardano founder gives explanation behind delays of the Vasil Hardfork

A recent Santiment data shows a rising whale and sharks’ activity in the last seven days as seen on the Cardano supply distribution metric. These two groups have been responsible for 0.46 percent of Cardano’s current supply between last Wednesday and now. Even if this accumulation seems small, it might result in a rally that pushes ADA price to $1 if it continues till this month ends.

The accumulations come after a mid-June dump after ADA price hit a local price top. Cardano promised that the Vasil hard fork would focus on scalability, stability, security, and rigor. There would also be better throughput on the Cardano blockchain with the development of decentralized apps and smart contracts.

#Cardano shark & whale addresses have accumulated a combined ~$138M in $ADA in 8 days after the mid-June dump around the local price top. This is only a mild accumulation for now, but could get interesting if this trend continues throughout August. https://t.co/7ix8VPSkZG pic.twitter.com/uPfuLfbbkl

— Santiment (@santimentfeed) August 5, 2022

The upcoming Vasil hard fork has created renewed optimism regarding the Cardano network. The number of wallets holding Cardano’s native token surged by one million this year alone. Hence, the total number of wallets holding ADA is now more than 3.5 million. This feat is remarkable given the current crypto market conditions. Moreover, more than 3,000 smart contracts have now been deployed on the Cardano blockchain, a first in its history.

Cardano’s on-chain transfer volume increases substantially

A recent report by Kraken intelligence stated a 16 percent rise in daily on-chain transfer volume on the Cardano network. Thus, ADA performed better than Algorand, Dogecoin, Bitcoin, and Ethereum. It is worth noting that dogecoin’s transfer volume dipped by 54 percent last month.

The year-to-date data of Cardano’s daily activity shows a 238 percent increase. According to the report, the cause of Cardano’s substantial growth is the launch of various applications like Pavia (a metaverse gaming application) and Sundaeswap (a decentralized exchange). Analysts predict that the ADA price might hit $1 if this massive rally pushes it above the $0.55 resistance level.

During the week, the first digital asset bank, Sygnum bank, announced support for Cardano staking. The bank’s clients can use its institutional-grade platform to stake ADA and earn staking rewards. Also, a popular member of the Cardano community (ADA whale on Twitter) recently claimed that Cardano would expand massively if Voltaire’s decentralized governance works as predicted.

Der Beitrag Cardano whales’ activity increased substantially this week, is ADA poised to hit $1? erschien zuerst auf Crypto News Flash.

Related Posts

Cardano test “catastrophically broken” says develops, will Vasik hardfork delay further?

A newly discovered bug was creating incompatible forks and causing a decrease in chain density.  Cardano developer said that it seems they have been “rushing” through the…

Whitepay Introduces Crypto Payments to Ukraine’s Tech Stores

Ukrainians will be able to purchase electronics and other products with digital coins thanks to a service provided by Whitepay. The payment processor, established by the Ukrainian-born…

Chiliz (CHZ) Breaks Out From Long-Term Resistance: Biggest Weekly Gainers

Be[in]Crypto takes a look at the five cryptocurrencies that increased the most last week, more specifically, from Aug 12 to 19. These cryptocurrencies are: Chiliz (CHZ) :…

Korean Police Ready To Accept Crypto For Traffic Fines

South Korea’s Gunpo Police Station has broken ground by collecting arrears and negligence fines suitable for the untact era in a situation where face-to-face collection activities are…

Patron Tequila is entering the Decentraland metaverse

While summer is into full swing, tequila has made another appearance in the Metaverse world, as Patron Tequila brings the purified beverage to Decentraland. Patron will be…

Decentral Games Lowers Entry Bar with Fast Paced Sit ‘N’ Go Tournaments

Premier play-to-earn metaverse gaming platform, Decentral Games, has launched its all-new Sit ‘N’ Go poker tournaments. A fast paced, highly competitive entry-level competition designed for card lovers…

Generated by Feedzy