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Dcforecasts

07/10/2022

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Cardano Sharks Added $37M As Whales Stopped Selling: Analysis

Cardano sharks added $37 million to their wallets while the whales stopped selling in anticipation of the upcoming Vasil upgrade so let’s read more today in our latest Cardano ADA news. The asset’s price remained calm in the past...

Cardano Sharks Added $37M As Whales Stopped Selling: Analysis

Cardano sharks added $37 million to their wallets while the whales stopped selling in anticipation of the upcoming Vasil upgrade so let’s read more today in our latest Cardano ADA news.

The asset’s price remained calm in the past few weeks and the medium ADA investors added up to 80 million of the token in a month as the data from Santimetn shows. The company categorized the different types of Cardano investors that are separated into groups from 10K to 10M and all have been disposing of their assets since February. The whales that hold between 1M and 10M coins, dumped the most since the mid-June crash happened but they reduced the sell-off in the upcomign weeks.

At the same time, smaller ADA investors resumed accumulating by purchasing over 79 million ADA in the past month, and given the price is now below $0.5, the amount equals $37 million. The Cardano sharks added tons of coins to their wallets and speaking of its price action, Cardano’s native crypto went from $0.65 to below $0.45 and bounced off and challenged $0.55 but then failed and now stands near $0.5. the latest accumulation came at an intriguing time for ADA and the blockchain project behind it with the community expecting the upgrade to be implemented soon.

cardano priceCardano Price vs. Different Types of Holders. Source Santiment

The latest accumulation came at a very interesting time for ADA and the blockchain project behind it with the community expecting the Vasil upgrade to be implemented. The entity behind Cardano Input-Output Global postponed the hard fork once and the new date hasn’t been released yet but the update went live on the testnet on July 3. Defi Llama data shows that the TVL on Cardano took a hit due to the bear market and the drop in prices and it is also down to $125 million from $350 million earlier this year.

As recently reported, The eight biggest cryptocurrencies Cardano shown indications of life in the past two weeks and the minor improvements were encouraged with investors’ hope. After that, Cardano had to work hard to surpass $4 and catch up to ETH in terms of market cap. According to the data, ADA is trading at $0.48 with a 7-day gain of 5% and without a doubt, the network requires plenty of support if it wants to move the token above $4.

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