As a researcher with experience in the cryptocurrency market, I’ve closely monitored Cardano’s recent performance and the activities of its major investors. While the past month has seen a sluggish market, an intriguing trend has emerged among Cardano whales holding between 100 million and 1 billion ADA tokens.
As a cryptocurrency market analyst, I’ve observed a subpar performance from Cardano over the past month, similar to many other digital currencies. However, it’s worth noting that some prominent investors have been quietly accumulating substantial holdings of ADA tokens.
Recently, ITB’s analysis revealed that Cardano’s significant investors, possessing between 100 million and 1 billion ADA, have boosted their holdings by approximately 11%.
ADA Whales Adds More Tokens
As a researcher studying the trends in the Cardano (ADA) market, I’ve noticed a significant increase in the confidence or strategic maneuvers among large ADA investors. Currently, this influential group of ADA holders controls approximately 6.71% of the total token supply. This revelation underscores the substantial impact these whales wield within the Cardano ecosystem.
Over the past month, significant Cardano investors owning between 100 million and 1 billion dollars’ worth of ADA have increased their holdings by approximately 11%.
This group now holds 6.71% of the entire $ADA supply.
— IntoTheBlock (@intotheblock) May 15, 2024
In the past few weeks, we’ve noticed a growing trend of large-scale Cardano transactions by whales, as previously mentioned. Historically, this pattern has often signaled impending price adjustments, potentially indicating changes in investor attitudes within the market.
As a crypto investor, I’ve noticed that while many altcoins have deviated from the market trend, Cardano (ADA) has remained closely aligned with it. Recently, the broader market experienced a modest recovery on Thursday, and ADA followed suit, surging by almost 6% in the last 24 hours. At the time of writing this, ADA’s price had reached $0.456.
Experts are optimistic that ADA‘s price performance in 2021 could repeat itself, potentially reaching a high of $7.80. Some predictions go even further, suggesting short-term gains around $1.70 and the possibility of a “parabolic” rise to $10, indicating strong faith in its potential for growth.
This week, there was buzz about Gemini considering adding ADA to its platform. A well-received post on the exchange fueled this speculation. Should Gemini indeed go ahead and list ADA, we might witness a substantial price increase for the token.
Cardano’s User Activity
Although there have been hopes for a price surge, the usage of the Cardano blockchain has dropped noticeably since March. According to Artemis’ analysis, daily transactions on the network have dwindled, with approximately 50,700 transactions taking place now compared to the 95,600 recorded just two months ago.
Furthermore, the number of daily active addresses on Cardano has mirrored this pattern, momentarily falling under 24,000 this month. This decrease in user engagement incites apprehension regarding the network’s present utilization and acceptance levels, despite optimism about its price prospects.
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2024-05-16 20:07