The statistics on various activities around the Cardano coin over the last thirty days show an intriguing model. ADA’s price dipped from its all-month-high of about $0.6 to $0.48, over the past month, as of this report. Moreover, large cryptocurrency whales around the ADA have ceased dumping the coin, suggesting that the whales expect a price increase.
Whales Keep Buying ADA More and More
Based on statistics from Santiment, an on-chain metrics information supplier, whales’ actions around the Cardano token have increased. Over the past thirty days, the cryptocurrency whales reportedly acquired ADA worth over $79M to their purses, based on the information.
Additional information reveals that whale wallets with an ADA storage of 10-100K were responsible for the massive acquisitions. Additionally, whale wallets that have ADA coins between 100,000 and 10M ADA have ceased dumping coins recently. The significance of that development is that they suggest that the whales anticipate an increase in ADA’s price over a short period.
ADA Large Whales Anticipate Cardano’s Hard Fork Upgrade
According to reports from Input-Output earlier in July, the said token has concluded its Vasil hard fork concerning its testnet. Reports say that stakeholders and users in the Cardano community have called for four weeks of free testing on the hard fork.
Stakeholders, including creators and payments processors, will reportedly have access to test the update towards triggering it for Cardano’s main version. Many members of the Cardano community have highly anticipated the most recent upgrade. Reports say the update has the potential to improve the efficiency and ability of the Cardano ecosystem.
Meanwhile, the price of Cardano has dipped at massive rates over the last ninety days in light of the overall digital assets market’s performance. However, statistics on various token activities depict that whales have started purchasing ADA more than they have compared in recent months.
Regardless of the recent rising purchases of the coins by whales, its market value has remained around the same cadre, sitting at around $0.475. As of this report’s timing, ADA sells at the usual weekly price, just below $0.5, adding roughly 2.3% over the last day.
In the last week, ADA saw a price surge of up to 7.8%. The token recorded its lowest price over the past day at $0.46 and spiked to $0.48, according to data from CoinMarketCap, a digital assets news outlet.
Ethereum Whales Massively Buying SHIB
Similar news on cryptocurrency whale purchases reveals that Ethereum whales are seemingly capitalizing on a fall in SHIB’s price to purchase large amounts based on recent reports. Glimi, an Ethereum whale, bought 1T SHIB coin in several transactions between Friday and Saturday. Based on the meme coin’s current exchange cost, the whale acquired SHIB coins valued at roughly $11.3 million in 24 hours.
While the global market moves to bounce back from its bearish market, Ethereum whales are leveraging the low prices by acquiring cryptocurrencies. Meanwhile, SHIB is one of the most renowned tokens in crypto whale accumulations.