Cardano, which is adapting to the ever-changing cryptocurrency market, appears to be experiencing a relatively calm month. However, there are signs that some influential investors, known as whales, are gradually accumulating ADA tokens. Recent data from IntoTheBlock reveals that Cardano whales, who own between 100 million and 1 billion ADA, have increased their holdings by 11% through transactions made last month.
The recent surge in purchases by whales might indicate a growing confidence or strategic moves among these major ADA investors. Currently, this group holds 6.71% of the total supply, underscoring the significant impact they have on the Cardano ecosystem. For the latest technology news, access NEWSLINKER.
In recent weeks, there has been a gradual rise in Cardano whale activity, which has historically been associated with potential price reversals and shifts in market sentiment. However, in contrast to this trend, ADA has been reflecting the broader market movement, showing a modest recovery on Thursday. At the time of writing, ADA was trading at $0.4594, with an increase of over 1% in the last 24 hours.
Experts are suggesting that ADA could potentially reach $7.80, similar to its rise in 2021. Other bullish predictions in the market speculate that ADA, currently ranked 10th by market capitalization, could even reach around $1.70, with a potential “parabolic” peak of $10. These predictions reflect a notable level of confidence in the growth prospects of Cardano.
Speculations about Gemini exchange listing ADA earlier this week are believed to have had a positive impact on the cryptocurrency. If the US-based crypto exchange were to list ADA, it could trigger significant price movements for the token.
However, despite these optimistic price predictions, user activity on the Cardano network has been declining since March of this year. Data compiled by Artemis indicates that daily transactions on the network have significantly decreased, currently hovering around 50.7 thousand compared to approximately 96 thousand recorded two months ago. Additionally, daily active addresses have followed a similar trend, briefly falling below 24 thousand this month. These declines in user activity raise concerns about the current usage and adoption rates of the network, despite positive sentiments surrounding Cardano’s price potential.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks, and should conduct their own research.
