What Led To Cardano Whales Again Accumulating ADA?

• Cardano seems to float back on the surface after experiencing a heavy turmoil.

• Santiment Data reveals ADA’s shark addresses have collected 79.1 million tokens in the past month.
• The big players seem to have regained confidence in the asset. 

Like many cryptocurrencies, Cardano(ADA) too had a rough period during the recent crypto winter. The recent dumplings suggested various investors appeared to be quite hopeless. However, now the latest data reveals that ADA addresses have again started accumulating. 

Cardano Shark Addresses Accumulate 79.1 Million Tokens

Data from Santiment, a crypto behavior analysis platform, reveals that shark addresses of ADA have become active again. Shark addresses are the addresses holding 10,000 to 100,000 tokens. Shark addresses have accumulated 79.1 million tokens (worth approx. $35.6 million) as their collective holdings in the past month.  It looks like the key players have regained the confidence in the asset class. Major whale addresses have retained their ADA holdings after a series of dumps. The addresses holding 100,000 to 1 million are major whale addresses.Both the categories of addresses together make 27.45% of the total addresses holding ADA. Shark addresses contribute 10.48% while whale addresses contribute 16.97%.

The performance of ADA has had a massive impact due to the movement in these addresses. It also shaped the general sentiment toward the assets, particularly in these testing times.

Cardano’ Vasil Hard Fork Expected To Happen In July

Moreover, the recent updates in the Cardano community suggest bullish signals for the assest. Michael Van de Poppe, a well-known crypto analyst and trader has predicted a price rally for ADA. The price rally could result in an increase of 33.45% in the asset value. Michael have predicted the price of ADA to reach $0.64

Meanwhile, Cardano enthusiasts eagerly anticipate the launch of Cardano fork. The Vasil upgrade has successfully passed the testnet phase. The upgrade is meant to improve the performance and scalability of the Cardano. It is likely to happen in July.

Source: https://www.thecoinrepublic.com/2022/07/12/what-led-to-cardano-whales-again-accumulating-ada/