Cardano whales accumulate over 150 million ADA
The cryptocurrency market has been in a state of flux lately, with many of the major cryptocurrencies experiencing a downturn. However, Cardano (ADA) has bucked this trend and seen its price rise steadily in recent days. Large investors are reportedly actively buying into the cryptocurrency, resulting in its price recording $0.3921, which is up by 3% from 24 hours ago, according to CoinMarketCap data on the 3rd of April.
This news comes as other major cryptocurrencies such as Bitcoin and Ethereum have been experiencing significant price drops, with stablecoins being the only ones to remain relatively stable. Despite the overall market downturn, Cardano has been performing well over the years, with a weekly return of over 13% and it has recently seen a spike in network activity.
According to Into the Block data, Cardano whales have been accumulating over 150 million ADA. This news could be an indicator of the confidence that these investors have in the future of Cardano. Furthermore, the recent spike in network activity could be attributed to rising market expectations as new Cardano-based projects continue.
#Cardano whales holding 1 million to 10 million $ADA have bought roughly 150 million #ADA over the past month, worth $57 million, shows on-chain data from @intotheblock. pic.twitter.com/2ot5U7pUzY
— Ali (@ali_charts) April 3, 2023
On the 17th of last month, Cardano released a new node version v.1.35.6 that improved network performance and stability. The upgrade was designed to ensure network uptime and stability and improve overall resiliency. This upgrade is expected to attract more developers and investors to the Cardano network, further boosting its value.
Cardano founder, Charles Hoskinson, has tweeted that there are currently 1221 projects being created on the Cardano network, with 119 already launched. This news is a testament to the growing popularity of the Cardano network and could be a key factor in its continued success.
In conclusion, the current rise in Cardano’s price is a positive development in an otherwise challenging cryptocurrency market. The active buying by large investors, as well as the network upgrades and growing number of projects being created on the Cardano network, are positive indicators of its future growth potential. It remains to be seen whether Cardano’s current momentum will continue, but the signs are certainly encouraging.
- Cardano (ADA) Is Very Close To A Strong Breakout, Here’s Why?
- Bitcoin Dominance (BTC.D) Appears Bearish Signal, Is Mini Altcoin Season Coming?