On-chain data reveals an interesting pattern around whale activity on an altcoin over the past month.
Whales multiply their savings in this altcoin project before the upgrade
Whale activity is increasing around Cardano (ADA), according to the on-chain data source Santiment. The data shows whales have collectively purchased $79.1 million of ADA over the past 30 days. Interestingly, this accumulation is made by addresses holding 10,000 to 100,000 ADA. Also, whales holding 100,000 to 10 million ADA have recently stopped selling. This is particularly important as it indicates the prospect of ADA price growth in the short term.
Whales seize opportunity as ADA price drops
Over the past 30 days, the ADA price has taken a bad turn in the midst of the ongoing crypto winter. The ADA price has lost 27% during this time. Thus causing panic among small ADA investors. However, whales see the price drop as an excellent opportunity to increase their ADA holdings in preparation for an imminent rise. Alongside the massive accumulation of ADA between addresses holding 10,000 to 100,000 ADA, Santiment noted that whale addresses have stopped draining the asset class. Santiment analytics noted in a tweet:
Meanwhile, whales holding 100,000 – 10 million ADA have stopped selling.
Altcoin whales are gearing up for this date
Earlier this week, Input-Output announced that the Vasil hard fork has been completed by Cardano’s testnet. The team is requesting a four-week period after the testnet hard fork. During the four-week period, SPOs, developers and exchanges will test the hard fork of the Cardano mainnet. Vasil will increase the capacity and performance of the Cardano network. Therefore, users and developers await curiosity. cryptocoin.com We have covered a detailed article about Vasil hard fork here.
Cardano (ADA) has drastically dropped over the past three months in line with crypto market sentiment. However, on-chain data shows that ADA accumulation has been on an upward trajectory lately. According to the chart below, Cardano continues to lead in development activity compared to other tokens in the market.
But there’s more to come, as stated in an interview with Cardano’s Chief Technical Architect Duncan Couttus on July 5th:
There are many things that excite me for Cardano in the months ahead. We have many new technical developments in the pipeline. Some happen sooner than others, but all will have a huge impact on our community.
The hype around Vasil is raising the morale of ADA investors. Thus, ADA helps price volatility reach the $1 target. In fact, Cardano’s price is potentially targeting $2.9 by September. Also, expectations for the end of the year are around $1.11. Vasil is expected to take effect at the end of this month.
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