Cardano Whales Accumulate $138M In ADA, Is A Price Upswing Coming?

Whales and sharks have accumulated ADA over the last eight days.

In a tweet on Friday, Santiment Feed reveals that Cardano big bag holders have been in an accumulation phase over the last eight days, accumulating about $138 million in ADA.

“Cardano shark & whale addresses have accumulated a combined $138M in ADA in 8 days after the mid-June dump around the local price top. This is only a mild accumulation for now but could get interesting if this trend continues throughout August,” Santiment tweeted.

?? #Cardano shark & whale addresses have accumulated a combined ~$138M in $ADA in 8 days after the mid-June dump around the local price top. This is only a mild accumulation for now, but could get interesting if this trend continues throughout August. https://t.co/7ix8VPSkZG pic.twitter.com/uPfuLfbbkl

— Santiment (@santimentfeed) August 5, 2022

Santiment chart further highlights that Cardano addresses holding 10K to 10M ADA have added a combined 0.46% of Cardano’s existing supply since July 27th.

Whale accumulation is usually a good sign as it indicates positive sentiment about an asset surging in price in the short-term or long-term. Notably, there have been a lot of positives for the Cardano network that could have sparked this latest accumulation.

On Monday, Input Output Global (IOG) founder Charles Hoskinson, one of the minds behind the Cardano network, assured users that he expected no further delays in the long-awaited Vasil hard fork upgrade. Notably, the upgrade, which promises to usher in several decentralized applications (dApps) and unlock new levels of smart contract functionality, was scheduled for launch at the end of July but has now been delayed for several weeks. However, according to Hoskinson, developers are now in the final stages of testing.

Additionally, the network is also seeing growing adoption. On Tuesday, Swiss digital asset bank Sygnum revealed that it was adding ADA to its staking offering. Furthermore, on Wednesday, Flint Wallet revealed it was bringing Cardano dApps to IOS users.

Notably, the network showed significant growth in on-chain metrics in July. Transactions and the number of wallets saw a boost, indicating greater adoption even as the number of Plutus scripts grew by nearly 5%, indicating a flurry of developmental activity.

At the time of writing, Cardano is trading at the $0.5187 price point, up 1.94% in the last 24 hours and 0.88% in the last seven days.

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