Cardano (ADA) Whales Accumulating Tokens and Bullish Outlook

Cardano (ADA) is currently experiencing a surge in large transaction volume, similar to that of Ethereum. Data from the market intelligence platform IntoTheBlock reveals that Cardano recorded a significant transaction volume of $6.7 billion in the last 24 hours. This increase in transaction volume suggests that ADA whales have been actively accumulating tokens, especially during a market dip. The data also shows a more than 15% increase in large holders’ net flow over the last seven days, indicating a bullish sentiment among Cardano investors.

Wallets holding between 100,000 and 10 million ADA tokens have collectively purchased 120 million ADA tokens between July 17 and August 1, now holding over 5.69 billion ADA tokens. This uptick in whale activity is seen as a positive development for the Cardano ecosystem. The increased holdings of large investors could potentially influence market prices and trigger a significant price surge for ADA. This could provide the much-needed momentum for Cardano, which has underperformed in the market so far this year.

Despite facing a year-to-date loss of over 35% and being one of the most shorted altcoins, Cardano’s recent whale activity and large transaction volume have sparked optimism for a potential price rally. Santiment suggests that the heavy shorting of Cardano increases the likelihood of liquidations, which could act as “rocket fuel” for a price surge. These developments come at a crucial time for Cardano, as the crypto token has failed to experience a significant rally despite positive news, such as the SEC’s decision not to consider ADA a security.

Meanwhile, the Chang Hard Fork is in progress as Cardano transitions to the Voltaire era, introducing its most advanced governance system. ADA’s price has shown a tepid movement following the release of node validator software version 9.1.0, which incorporates the Chang Hard Fork. These developments and milestones could play a crucial role in shaping Cardano’s future trajectory in the market. As ADA whales continue to accumulate tokens and show increased activity, the potential for a price rally and market influence remains high.