Cardano is having a calm month in the cryptocurrency market, yet whales are noticeably accumulating ADA tokens. According to IntoTheBlock, whales holding between 100 million and 1 billion ADA boosted their holdings by 11% through transactions last month.
Brief: Last month, Cardano whales increased their ADA holdings by 11%. ADA is currently trading at $0.4594, marking a slight increase of over 1% in the last 24 hours. However, user activity on the Cardano network has been declining since March.
Cardano Whales Accumulate ADA Tokens Amid Market Quietude
Recent data from IntoTheBlock reveals that Cardano whales, holders of between 100 million and 1 billion ADA, increased their holdings by 11% through transactions last month. This accumulation may signify growing confidence or strategic maneuvers among major ADA investors, who currently hold 6.71% of the total supply, highlighting their significant influence on the Cardano ecosystem.
While Cardano adapts to a quieter month in the cryptocurrency market, there has been notable activity among ADA whales, historically linked with potential price reversals and changes in market sentiment. Despite this, ADA showed a modest recovery recently, trading at $0.4594 with a 1% increase over the last 24 hours.
Potential for Price Growth and Exchange Listing Speculation
Market experts speculate ADA could target highs like $7.80, similar to its 2021 performance. Bullish predictions suggest ADA might reach around $1.70 and potentially peak at $10 in a parabolic movement. Speculation surrounding a potential listing of ADA on Gemini exchange has also contributed positively to market sentiment, with expectations of significant price movements if realized.
Declining User Activity Challenges Cardano Network Amid Price Optimism
Since March of this year, user activity on the Cardano network has been steadily declining. According to data from Artemis, daily transactions on the network have dropped significantly, now averaging around 50.7 thousand compared to approximately 96 thousand recorded two months ago.
Moreover, daily active addresses on the Cardano network have mirrored this decline, recently dipping below 24 thousand. These trends in user activity raise concerns about the current utilization and adoption rates of the network, despite optimistic predictions regarding Cardano’s potential price performance.
Important: 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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