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Cardano, adapting to the cryptocurrency market, seems to be having a quiet month. However, some whales are gradually and significantly accumulating ADA tokens. According to recent data provided by IntoTheBlock, Cardano whales (the group owning between 100 million and 1 billion ADA) have added 11% to their wallets through transactions made last month.
ADA Whales Are Buying
The recent purchase might indicate growing confidence or strategic moves among major ADA investors. As of the time of writing, this group of ADA investors holds 6.71% of the total supply. This highlights the significant influence whales have on the Cardano ecosystem.
In recent weeks, as previously mentioned, there has been a gradual increase in Cardano whale activity. Historically, such increases in whale activity have been associated with potential price reversals indicating changes in market sentiment.
However, contrary to this trend, ADA seemed to reflect the broader market movement, showing a modest recovery on Thursday. ADA was trading at $0.4594 at the time of writing, with an increase of over 1% in the last 24 hours.
Experts suggest that ADA could target $7.80, similar to its rise in 2021.
Other bullish predictions in the market suggest that ADA, ranked 10th by market capitalization, could reach around $1.70, potentially moving towards a “parabolic” peak of $10. This reflects notable confidence in growth expectations.
Speculations about Gemini exchange listing ADA earlier this week are said to have had a positive impact on the cryptocurrency. If the US-based crypto exchange lists ADA, it could trigger significant price movement for the token.
Cardano’s User Activity
Despite optimistic price predictions, user activity on the Cardano network has been declining since March of this year. Data compiled by Artemis shows that daily transactions on the network have significantly decreased, currently hovering around 50.7 thousand compared to approximately 96 thousand recorded two months ago.
Additionally, daily active addresses followed a similar trend, briefly falling below 24 thousand this month. These declines in user activity raise concerns about the current usage and adoption rates of the network despite positive sentiments surrounding Cardano’s price potential.
