Whale Cardano Activity Remains High, Positive For ADA Price?

Whale Cardano activity is still high. (Photo; Doc. Finbold)

JAKARTA - The largest crypto-merging entities are reportedly continuing to collect ADA crypto assets even though Cardano (ADA) prices are still struggling to break the resistance level of 0.40 US dollars (IDR 5,956).

According to on-chain data, token holders with amounts of 100 million to 1 billion ADA have accumulated 560 million ADA in the last 2 weeks, worth around 218.4 million US dollars (Rp 3.2 trillion).

Although the Cardano ecosystem has received a lot of criticism regarding network delays and updates, whale activities remain high and stable. Then, the launch of the Cardano stablecoin, Djed, became the main factor in improving investor sentiment and encouraging ADA price increases.

Although whale accumulation activity tends to decline, with a sustainable high whale activity, it can increase investor confidence in ADA's growth potential.

The push from developments in the Cardano ecosystem, such as the first oracle integrator named 'Charli3' integrated by Liqwid, as well as the release of a new cross-chain network integration from Paima Studios, which allows users to play on-chain games using ADA tokens, is also a factor that can strengthen bullish sentiment towards Cardano.

Additional information, cross-chain and on-chain are two concepts in the crypto world. Cross-chain allows crypto assets to move or operate on various blockchain networks, while on-chain refers to transactions and activities that occur within the blockchain network itself. Both concepts have their own implications and benefits in the crypto ecosystem.

On-chain data also shows an increase in the total number of addresses in the Cardano network as well as the number of wallets with zero balance, which can be an indicator of increasing activity and adoption in the Cardano ecosystem.

Positive developments in Cardano prices and high whale activity also provide a boost to the utility for transactions within the Cardano network, which could be a factor that increases investor confidence and maintains bullish sentiment towards this crypto asset.

Thus, while Cardano faces criticism and challenges in network updates, ADA's whale hoarding continues to increase and positive developments in the ecosystem can provide support for bullish prices and sentiment towards Cardano in the long term.