Cardano (ADA), ranked as the eighth-largest cryptocurrency, is witnessing notable activity among large investors known as whales.
Recent data from crypto analyst Ali reveals that Cardano whales have collectively acquired more than 14 million ADA tokens, equivalent to approximately $8.40 million, in the past two weeks. The surge in purchases by these influential holders suggests a bullish sentiment toward Cardano’s potential in the upcoming year of 2024, as they swiftly accumulate a substantial amount of ADA, signaling optimism for a potential price increase in the near future.
In the last two weeks, #Cardano whales bought over 14 million $ADA, worth around $8.40 million! pic.twitter.com/Jq6b66NLGI
— Ali (@ali_charts) January 4, 2024
Cardano’s 2024 Outlook and Whale Accumulation
The recent surge in whale accumulation of Cardano (ADA) may be linked to the heightened expectations surrounding the Cardano ecosystem in the year 2024. A pivotal event, “The Chang Hard Fork,” is on the horizon, marking the initial step toward establishing a minimally viable community-run government. This groundbreaking initiative will be implemented with the approval of the Cardano community, utilizing the consensus mechanism developed through the hard fork.
The Chang hard fork signifies the commencement of the bootstrapping model for the Cardano governance system. Anticipated developments in 2024 include significant strides toward full Cardano community governance. Scheduled activities involve Cardano constitution workshops, a convention, numerous voting events, and additional progress from Intersect.
Charles Hoskinson, the founder of Cardano, has shared his optimistic expectations for the year 2024, prompting his followers to prepare for an exciting year ahead.
Amid these developments, Cardano’s native cryptocurrency, ADA, rebounded from recent lows of $0.54 recorded during the market’s significant downturn. As of the latest update, ADA has experienced a 2.59% increase in the last 24 hours, reaching $0.565.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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