Cardano "sharks" amass 79.1 million ADA before the Vasil hard fork

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Cardano “sharks” amass 79.1 million ADA before the Vasil hard fork

Cardano "sharks" amass 79.1 million ADA before the Vasil hard fork
Source: CoinTelegraph
1657468890 10 Jul / 16:01

ADA is accumulating despite a technical forecast predicting a 35 percent price decline by September 2022. This year's decrease in Cardano's (ADA) price has driven some wealthiest investors to accumulate ADA.

Notably, addresses owning between 10,000 and 100,000 ADA, often known as "sharks," have added 79.1 million tokens ( $37.7 million as of July 9), according to Santiment statistics. Meanwhile, "whales" holding between 100,000 and 1,000,000 ADA have ceased selling.

By holding more ADA, sharks and whales can predict the token's future trends via higher volatility or lower liquidity. In addition, they can push "fish," or investors with fewer ADA tokens, to replicate their deals.

The recent purchasing binge by Cardano sharks suggests that they have positioned themselves for a dramatic price comeback, especially given that ADA is trading 85 percent below its record high of $3.16 from September 2021.

Following the successful launch of the testnet on July 4, a significant technical upgrade is scheduled for the end of this month, which is a possible positive trigger.

The hard fork, dubbed “Vasil,” might enable speedier block production and enhance the scalability of Cardano’s decentralized application ecosystem. In addition, interoperability between Cardano’s sidechains will be introduced.

Contrast Cardano’s optimistic whales and sharks’ moods with technical signs indicating more suffering ahead.

Notably, starting May 8, ADA’s price has exhibited a “descending triangle” trend. Typically, descending triangles resolve when the price breaks out in the direction of the preceding trend.

As seen in the above graph, the Cardano token risks sliding as low as $0.31.

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