Santiment Feed, in a post on Friday, has big pockets. cardano holders have been in the accumulation phase in the past eight days and have accumulated approximately $138 million worth of ADA revealed.
“The Cardano shark and whale addresses have accumulated a total of $138 million in ADA in the 8 days after the local price drop in mid-June. This is just a slight buildup for now, but it could get interesting if the trend continues through August.”
The Santiment chart also highlights that Cardano addresses holding between 10,000 and 10 million ADA have collected 0.46% of Cardano’s current supply since July 27.
Koinfinans.com As we reported, Whale accumulation is usually a good sign because it indicates the positive sentiment of an asset’s price going up in the short term or long term. In particular, many positive things have happened for the Cardano network that can trigger this recent backlog.
On Monday, Charles Hoskinson, founder of Input Output Global (IOG), one of the brains behind the Cardano network, assured users that he expects no further delays in the long-awaited Vasil hard fork update. Specifically, the update, which promises to launch several decentralized applications (dApps) and unlock new levels of smart contract functionality, was expected to launch at the end of July, but was delayed for several weeks. However, according to Hoskinson, the developers are currently in the final stages of testing.
Additionally, the network is also seeing increasing adoption. On Tuesday, Swiss digital asset bank Sygnum announced that it has added ADA to its staking offering. Also on Wednesday, Flint Wallet announced that it is bringing its Cardano dApps to IOS users.
Notably, the network saw significant growth in on-chain metrics in July. The number of transactions and wallets has seen an increase.
Finally, at the time of writing, Cardano is trading at $0.5187, up 1.94% in the last 24 hours and 0.88% in the last seven days.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.