Grayscale’s Allocation Toward Cardano (ADA) Now Stands at Over 30%

Coinquora 2 months ago Report
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  • Grayscale seems to be taking part in the ADA accumulation drive over the last two weeks.
  • Cardano’s Vasil Hard Fork is sparking excitement and even FOMO in the crypto space.
  • Grayscale could also be motivated to stock up on ADA considering its great history regarding its hard fork events.

On June 7, crypto influencer Dan Gambardello tweeted that “Grayscale has increased [its] allocation towards Cardano in their Smart Contract Platform Ex-Ethereum Fund. Now 32.33%. This speaks volumes.”

Fund components per shareFund components per share Source: Twitter

Grayscale seems to be taking part in the Cardano (ADA) accumulation drive seen with the majority of crypto whales over the last two weeks. At one point over the last few weeks, ADA was one of the most held tokens amongst the wealthiest of crypto whales. Cardano is also currently one of the most popular projects in the crypto space amidst the ongoing bear market.

Cardano’s Vasil Hard Fork event just around the corner is also sparking excitement and even FOMO in the crypto space. In a tweet posted on June 6, user BTCC stated that “thanks to the excitement surrounding the upcoming Vasil Hard Fork, ADA surged over 20% to become one of the best-performing cryptos last week.”

Grayscale could also be motivated to stock up on ADA considering its great history regarding its hard fork events. Cardano’s “Mary” hard fork in March of 2021, for example, led to a 1,600%-plus price boom. ADA’s “Alonzo” upgrade in September of 2021 was also a great success, leading to a 200%-plus price rally.

At the moment, ADA is worth $0.5874 after a 7.88% drop in price over the last 24 hours, and after reaching a high of $0.6398 over the same time period. The crypto also saw a 10.76% drop in price over the last week.

ADA’s 24-hour trading volume is up by 25.63% and currently stands at $1,226,401,922.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

Original Source: https://coinquora.com/grayscales-allocation-toward-cardano-ada-now-stands-at-over-30/...

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