Whales are continuously accumulating and showing activities in Cardano’s ADA, despite a huge downfall in the prices.
Cardano is an 8th-ranked crypto project, with 24 hours trade volume of its native token ADA. Initially, the Cardano project entered in the crypto industry with the concept to push blockchain technology as a leading-edge tool at the commercial level. However, Cardano emerged as Ethereum’s rival but due to very high compitetion, it lost its that level where it deserves.
The last 10-15 days were not much better for the Crypto industry. Initially, Fed Res hike in interest rate initiated correction in crypto and further collapse of the Terra ecosystem resulted in a very big downfall for leading crypto assets like Bitcoin, Ethereum, and Cardano.
At the time of writing this article, the price of Cardano (ADA) is $0.51 and this price is down by more than 10% over the last 24 hours trade price. But unfortunately, this coin is down by 44% over the last 30 days’ trade price.
Amid the high downfall in the crypto market, Crypto analytic platform Santiment noted that whales showed a flurry of transactions on 12 May when prices were bottoming out to $0.40, between 8 am and 12 pm UTC.
According to Santiment, these data are confirmation that whales are continuously taking their positions under the bottom to take the best benefits in the near upcoming months.
The majority of the whales purchased ADA in the bottom and transferred it to another ADA addresses. These whales’ high funds transactions based activities are currently all-time high by 4 months.
Crypto pundits believes that such a hike in the interest in ADA coin investment is surging because of the upcoming month’s upgrade in the Cardano Blockchain network. In late June of this year, Cardano will go through Vasil Hardfork to introduce multiple efficiency features and one of the features will support Hydra, to enable the blockchain networks to facilitate high scalability based transactions at a very nominal fee more likely to Solana blockchain.