- Santiment observed that whale addresses had ceased selling Cardano.
- Vasil Hard Fork will be launched before the end of this month.
Analysis by cryptocurrency analytics firm Santiment suggests that significant Cardano investors, particularly those with addresses containing 10,000 to 100,000 ADA, have increased their holdings. Addresses in this category have accumulated a whopping 79.1 million ADA, or almost $37.84 million, in the previous 30 days, according to Santiment data.
The current crypto winter has taken a heavy toll on ADA in the previous 30 days. During this time, the cryptocurrency’s value has dropped by 27%. As a result, few ADA investors were frightened. But major investors are taking advantage of the current price decline to increase their ADA holdings in anticipation of a future price increase.
Influencing Future Trends in Tokens Price
Santiment also observed that whale addresses had ceased selling Cardano. Investors’ faith in a specific cryptocurrency asset is generally shown by the asset’s rapid growth in value. The coin’s value tends to rise at the slightest chance after the shift.
Due to Cardano’s excellent improvements in the near future, it is not unexpected to see whale investors expand their ADA holdings. Vasil Hard Fork will be launched by Input Output (IOHK) before the end of this month, which is responsible for Cardano’s research and development.
Holding more ADA allows shark and whale investors to influence future trends in the token’s price via higher volatility or less liquidity. Additionally, they have the ability to compel “fish,” or investors with a smaller amount of ADA tokens, to follow suit.
With ADA trading roughly 85% below its September 2021 record high of $3.16, the Cardano sharks’ recent purchasing binge suggests that they have been preparing for a rapid price recovery.
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