According to whale watching platform WhaleStats, Cardano (ADA) is among the top 10 altcoins that Binance whales buy the most. Also, Santiment says that Cardano has received a lot of negative sentiment from the crypto community lately.
Binance whales chase Cardano (ADA)
WhaleStats is a whale tracker that tracks the biggest wallets on BNB Chain, Ethereum and several other Blockchains. This whale watching platform shared that Cardano (ADA) is one of the top 10 most bought altcoin projects among the largest wallets in BSC. At press time, the biggest Binance whales are holding ADA worth $5,255,140.
By the way cryptocoin.comAs you followed, BNB Chain was hacked. The attacker managed to steal half a billion dollars worth of crypto. In this attack and theft, the cross-chain on BNB Chain used a bridge.
Binance CEO CZ said the exchange team was able to cut losses to just under $100 million and BSC itself was unharmed. CZ also noted that the community’s trust in Binance and Blockchain is extremely strong.
How is the investor sentiment for Cardano?
According to a new Santiment report, Cardano has been getting a lot of negative sentiment from the crypto community lately. Now, the negative sentiment is attributed to ADA’s falling price on the charts. However, it is possible that a rise in the price of ADA and a positive response to the Mithril update will help tip the altcoin project’s course in favor.
ADA, along with other cryptocurrencies, has been the target of negative trading sentiment for the past few weeks. Here, ADA has dropped more than 2% in a 7-day timeframe. It is also worth noting that the crypto is still not able to exceed $ 0.5. Therefore, with an improvement in ADA’s price, some positive sentiment is likely to resurface in favor of Cardano as well.
However, price won’t be the only factor that will help Cardano’s popularity. Cardano’s Mithril update, which is still in development, is likely to be of interest to the crypto community as well. Mithril update is a research project whose goal is to provide Stake-Based Threshold Multi-Signatures on top of the Cardano network. Some stakepools, such as the FRCA stakepool, have already implemented the Mithril Signer node on their preview-testnet pool nodes. The response from the stakepools has been positive. So it’s possible that this update could play an important role in getting Cardano positive attention from crypto investors.
While Paypools have expressed their excitement about the new update, Cardano’s revenue has been down for the past 30 days. In fact, according to Staking Rewards, the total revenue from staking ADA has dropped by 14.08%. Cardano will need to effectively implement the Mithril update to see some growth in this regard and attract the attention of the staking community.
The ADA still has a long way to go. However, its short-term future saw some bearish signs last month. As can be seen from the charts below, Cardano’s volume has been declining in the last 30 days. In fact, it has lost 50% of its value since Sept. Meanwhile, the MVRV rate is also on the decline. The same remained in negative territory for most of the previous month. This may be perceived as a bearish sign by potential investors and traders.
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