Cardano News: Whales Stacking, Time for ADA Price Pump?
The post Cardano News: Whales Stacking, Time for ADA Price Pump? appeared on BitcoinEthereumNews.com.
The Cardano network has drawn significant attention as it witnessed the amassing of 20 million ADA tokens by large-scale investors, also known as “whales.” With these updates, cardano news saw a positive turn. The excitement amongst Cardano fans has not only propelled the cryptocurrency’s price higher, but also has caused this accumulation spree as traders rush to store their crypto. During this period, ADA’s price increased by 1% which indicates renewed faith by investors in the blockchain’s ecosystem. Whale Activity Fuels Renewed Optimism According to blockchain analytics, whales that hold between 1 million and 10 million ADA tokens have been involved in the major accumulation seen over the past two days. It’s a huge win for Cardano, as whale activity frequently serves as a first signal for market shifts ahead. These entities historically accumulate assets at scale only if they have a strong conviction that the asset will be moving up in price in the future. But particularly noteworthy is the scale of this buying spree. This is a massive amount of capital inflow into the ecosystem, which has accumulated to over 20 million ADA tokens in such a short time. Putting this together has pushed the price of ADA to $0.8716 at the time of writing, up from $0.8016 earlier in the day. While the rise may not look like much, it came when the markets were otherwise up and down. This highlights just how important whale behaviour is in an era of investor sentiment. – Advertisement – Cardano’s 24-hour trading volume has jumped to $753 million, up 48% from the previous day. As trading activity increased, as a result, many traders stepped in to add liquidity to ADA. This is a key factor in sustaining any momentum further in the long. On the other hand, the market cap…
Filed under: News - @ December 30, 2024 4:26 pm