Cardano Whales Stakes Increase 11% In One Month As ADA Targets $0.5

Along with the rest of the cryptocurrency market, Cardano also witnessed a lackluster month. But certain cohorts of high-profile investors have been slowly accumulating significant amounts of ADA tokens.

Right whales, those with between 100 million and 1 billion ADA, have added 11% to their balances over the past month, according to the latest ITB findings.

ADA Whales adds more tiles

The latest rise indicates growing confidence or strategic positioning among large ADA holders. As of now, this cohort of ADA investors holds 6.71% of the entire token supply. This view highlights the substantial influence of whales within the Cardano ecosystem.

Right whales that are between 100m and 1b $ADA have added 11% to their balances over the last 30 days.

This group now occupies 6.71% of the total $ADA supply pic.twitter.com/nSe4lXE96R

— IntoTheBlock (@intotheblock) May 15, 2024

In recent weeks, there has been a gradual increase in Cardano whale activity, as previously reported. Historically, these increases in whale activity have been associated with potential price reversals, suggesting changes in market sentiment.

However, contrary to this trend, ADA has closely mirrored the broader market movement, which saw a modest recovery on Thursday. ADA is up nearly 6% in the past 24 hours, reaching $0.456 at the time of writing.

Experts believe that the ADA could reflect its 2021 increase even targeting a level of $7.80. More bullish predictions suggest the world’s 10th largest cryptocurrency by market capitalization could reach near-term levels near $1.70 and potentially rise to a “parabolic” high of $10, thus reflecting strong confidence in its outlook of growth

Earlier this week, speculation about Gemini potentially including ADA also rose following a popular post from the exchange. If the US-based cryptocurrency exchange continues to list ADA, it could lead to a significant rally in the token’s prices.

Cardano user activity

Despite optimistic price projections, user activity on the Cardano network has been declining since March of this year. Data collected by Artemis shows that daily transactions on the network have decreased significantly, currently hovering around 50.7 thousand compared to almost 96 thousand recorded two months ago.

Additionally, daily active addresses have followed a similar trend, briefly dipping below 24k this month. These declines in user activity raise concerns about the network’s current usage and adoption rates despite the positive sentiment surrounding Cardano’s price potential.

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