Cardano (ADA) Sees Surge in Demand as Whales go on Buying Spree
The price of Cardano (ADA) has been struggling since it lost the support of $0.40, but now things are starting to look brighter as ADA is gaining momentum.
However, there has been a significant increase in market activity from Cardano whales over the past two weeks. These large holders have purchased a total of 560 million ADA tokens, worth approximately $218.4 million.
#Cardano whales are on a shopping spree! Over the past 2 weeks, they've scooped up 560 million $ADA tokens, valued at $218.4 million. 👀🙀 pic.twitter.com/6uaRZMbfOO
— Ali (@ali_charts) April 9, 2023
This surge in demand suggests that institutional investors and high-net-worth individuals are finding Cardano increasingly attractive as a competitor to Ethereum (ETH) and other major cryptocurrencies.
Despite the recent buying spree, the price of ADA has not experienced a significant increase. Cardano whales have taken advantage of the recent price drop to expand their holdings through the “buy the dip” strategy.
READ MORE: Bitcoin Price Surges Above $30,000 – Crypto Bulls Getting Excited
ADA is currently priced at $0.409, up 5.36% in the last 24 hours and has a market worth of $14.2 billion, holding the seventh place among the most valuable digital assets, according to CoinMarketCap data.
Cardano’s technical analysis (TA) on TradingView’s 1-day gauges indicates a bullish sentiment, with oscillators pointing at ‘neutral’ and moving averages indicating a ‘strong buy.’
Additionally, ADA’s updated roadmap for Hydra, a solution for L2 scalability, has refocused attention on the cryptocurrency. It offers developers a way to boost transaction speed and reduce network costs.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
