The activity of whales and sharks in the popular altcoin Cardano (ADA) has increased significantly this week with a bullish run to $1. Whales and sharks are excited by the upcoming Vasil hard fork. It also amassed approximately $138 million in ADA before the total number of wallets jumped to over 3.5 million.
Whale event to altcoin Cardano confirms massive rally towards $1
Despite the delay in the Vasil hard fork scheduled for the end of July, Cardano (ADA) price continued to gain momentum. Cardano founder Charles Hoskinson promised there would be no more delays in the Vasil hard fork. Last week, Kevin Hammond, IOG’s technical manager, also claimed the importance of further testing to ensure a smooth deployment process. Support from Charles Hoskinson and the community kept the price above the $0.50 level.
According to Santiment, the Cardano Supply Distribution metric shows whale and shark activity increasing in the past week. It shows that both have increased by about 138 million on the ADA. Since July 27, whales and sharks have added 0.46 percent of Cardano’s current supply. This may be a small collection. However, if the accumulation continues in August, a major rally could push the price as low as $1. Santiment uses the following expressions:
Cardano shark and whale addresses have amassed approximately $138 million on the ADA within 8 days of the local price peak in mid-June. This is just a slight buildup for now, but it could get interesting if this trend continues through August.
🐳🦈 #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
Cardano Vasil hard fork is eagerly awaited
Cardano’s Vasil hard fork promises to focus on security, rigor, stability and scalability with increased throughput and development of smart contracts and decentralized applications on the Cardano Blockchain. With the growing optimism regarding the Vasil hard fork, the total number of wallets with ADA exceeded 3.5 million. More than 1 million wallets have been added this year despite the crypto market crash. In addition, the number of smart contracts deployed on the Cardano network exceeded 3,000 for the first time.
Moreover, Cardano’s on-chain transactions are higher than Bitcoin, Ethereum, Dogecoin and Algorand. A move above the $0.550 resistance could trigger a massive rally to $1 in Cardano (ADA) price.
Support rises for Cardano
cryptocoin.com As we reported earlier this week, Sygnum Bank Cardano (ADA) added support for staking. Customers of the world’s first digital asset bank can now stake ADA and receive staking rewards using the enterprise-grade platform. Also, popular Cardano influencer “ADA Whale” claims in a tweet that ADA will truly decentralize the system by introducing a voting and treasury system.
