After A Seven-Month Dumping Spree, Cardano Whales Are Accumulating.

Despite a general unfavorable atmosphere in the cryptocurrency market, the price of Cardano (ADA) has returned to the green in the last 24 hours, despite the fact that the price has been on a downward spiral for the last week.

Cardano’s price is currently trading at $0.785, up 0.47% in the last 24 hours but down 11.67% in the previous seven days, with the ninth-largest asset by market capitalization last reaching levels this low in February 2021.

Nonetheless, according to information from the behavior analysis platform Santiment uploaded on May 3, Cardano whale addresses holding 1-10 million ADA have been filling their bags with 196 million more ADA over the last five weeks, following a seven-month span of dumping -1.7 million of the currency.

According to Santiment:

“Cardano’s key whale addresses are in a 5-weel accumulations stretch, prices at 15-month low levels.”

Despite the fact that Cardano prices have dropped to their lowest point in fifteen months, the ADA ecosystem is still growing.

It’s worth noting that on April 25, Cardano increased its block size by 10%, resulting in speedier transaction processing and DApp performance. This comes ahead of the Vasil hardfork, which is set to take place in June and aims to expand the protocol’s transaction throughput, volume, and liquidity considerably.

Aside from that, the network recently released the Cardano ERC-20 converter, which added support for ERC-20 token migration to its platform and expanded the amount of use cases available to both developers and businesses.

Although it is unclear whether the price of Cardano will continue to plummet, the crypto community at CoinMarketCap is bullish on the coin, estimating a 50% price increase for ADA by May 31, 2022.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Patrick

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