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News - Whales in buying frenzy - ADA stagnates
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18-05-20241 min read
Whales in buying frenzy - ADA stagnates
Large Cardano investors have been buying heavily in recent weeks. The price of the cryptocurrency ADA has (unfortunately) hardly been affected by this so far.
Cardano-whales have not been idle in recent weeks. According to data service IntoTheBlock, investors have "who own between 100 million and one billion ADA tokens, increased their assets by 11 percent in the past 30 days". This means that "6.71 percent of total ADA supply" is now in their possession.
Cardano whales holding between 100m and 1b $ADA have added 11% to their balances over the past 30 days.
— IntoTheBlock (@intotheblock) May 15, 2024
This group now holds 6.71% of the entire $ADA supply. pic.twitter.com/nSe4lXE96R
The share price has barely risen during this period. Compared to the previous month, ADA's share price is up 1.4 percent. Cardano is currently trading around 45 cents. Meanwhile, preparations for the upcoming Cardano hard fork "Chang" are in full swing. You can find background on the upgrade here.
Charles Hoskinson's project has received some criticism recently. Forbes recently placed Cardano on its list of "good-for-nothing blockchains."
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