Cardano, which is adapting to the ever-changing cryptocurrency market, appears to be experiencing a relatively quiet period. However, there has been a noticeable increase in the accumulation of ADA tokens by whales. Recent data from IntoTheBlock reveals that Cardano whales, a group of individuals who own between 100 million and 1 billion ADA, have added 11% to their wallets through transactions made last month.
This recent surge in purchases may indicate growing confidence or strategic moves among major ADA investors. Currently, this group of investors holds 6.71% of the total supply, highlighting the significant influence they have on the Cardano ecosystem. For the latest technology news, access NEWSLINKER.
In the past few weeks, there has been a gradual rise in Cardano whale activity, which has historically been associated with potential price reversals and changes in market sentiment. However, contrary to this trend, ADA has shown a modest recovery that aligns with the broader market movement. At the time of writing, ADA was trading at $0.4594, representing an increase of over 1% in the last 24 hours.
Experts suggest that ADA could reach a target of $7.80, similar to its rise in 2021. Other bullish predictions in the market indicate that ADA, currently ranked 10th by market capitalization, could potentially reach around $1.70 and even peak at $10, reflecting significant confidence in its growth potential. Speculations about ADA being listed on the Gemini exchange earlier this week have also had a positive impact on the cryptocurrency, as it could trigger significant price movement for the token.
While there are optimistic price predictions for ADA, user activity on the Cardano network has been declining since March of this year. Data compiled by Artemis shows a significant decrease in daily transactions, currently standing at around 50.7 thousand compared to approximately 96 thousand recorded two months ago. Additionally, daily active addresses have also followed a similar downward 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 is not intended as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks, and should conduct their own research.
