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Cardano Whales Fill Their Pockets – Bullish Sign Ahead of Vasil?



 Like most cryptocurrencies, Cardano has had a rocky last month. The prevailing bear market forced negative price action that caused several investors to lose confidence in the currency, as recent price falls show. Nonetheless, new data shows that ADA whales have started buying coins in what appears to be a fresh comeback.


ADA whale addresses have stopped dumping activities

According to data from crypto behavioral analysis platform Santiment, ADA addresses holding 10,000 to 100,000 tokens have started to stock up lately and have 79.1 million tokens in the last month, worth about $35.6 million at the current rate are added to their collective holdings.


After what appears to be an ongoing series of dumps, the big whale addresses - holding 100,000 to 1 million - have maintained their ADA holdings as dumping appears to have halted this month.


The movements of these addresses are major contributors to ADA's performance and reflect general sentiment towards the asset, especially during these troubled times. According to Santiment data, these two address categories account for 27.45% of all ADA addresses, while 10.48% are “shark” addresses and 16.97% are “whale” addresses.


Cardano's Vasil hard fork is expected to launch in July

Recent events in the Cardano community have also shown some positive signs for the asset. Recently, prominent crypto analyst and trader Michaël van de Poppe predicted an ADA price rally that would take the asset up 33.45%. He set the price target for ADA at $0.64 against the dollar.


The Cardano hard fork is just around the corner and many crypto enthusiasts are eagerly awaiting the blockchain upgrade. The Vasil upgrade, which aims to improve the performance and scalability of the Cardano chain, has successfully passed the testnet phase. According to reports, the upgrade is expected to be released to mainnet in July.


Some crypto personalities have been criticizing the Vasil hard fork lately. On July 6, Charles Hoskinson responded to the criticism via Twitter, assuring users that the network's smart contracts will continue to function even after the Vasil hard fork.

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