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Cardano whale addresses ‘cease dumping’; What does it mean for ADA price?

Cardano whale addresses 'cease dumping'; What does it mean for ADA price?

Cardano (ADA) has been receiving a lot of attention as of late, and with the Vasil hard fork scheduled to be finished by the end of July, the most recent data reveals that investors of the decentralized finance (DeFi) asset have begun accumulating in the previous 30 days.

Notably, Cardano shark addresses, which are addresses that carry between 10,000 and 100,000 ADA, have started to come alive and have added 79.1 million ($37,894,397) to their aggregate bags over the course of the last month, according to data obtained from the behavior research platform Santiment on July 9. 

In addition to this, significant whale addresses, which are those who have between 100,000 and 10 million ADA, have stopped dumping.

“As Cardano’s price performance has stayed particularly underwhelming in 2022, addresses holding 10k – 100k $ADA are now accumulating. They’ve added 79.1m $ADA to their collective bags in 30 days. Meanwhile, 100k – 10m whales have ceased their dumping,” the platform noted.

Cardano shark addresses. Source: Santiment

Is a price rally on the cards for Cardano?

After conducting in-depth research on Cardano, renowned crypto trading analyst, Michaël van de Poppe noted one event that has the potential to alter the landscape for the Proof-of-Stake (PoS) asset. 

Van de Poppe claims that the price of $0.48 will signal the beginning of the “party time,” adding that “until then, [ADA is] still resting on support.”

Cardano ‘party time’. Source: Michaël van de Poppe

If van de Poppe’s forecast materializes, it would be consistent with price estimates for Cardano made by the crypto community and a deep learning algorithm, both of which expect a positive rise for ADA.

Previously, Finbold reported on a price prediction system based on an open-source machine learning framework that projected Cardano’s price would hit $2.90 on September 1, 2022. 

In a similar vein, the community votes on CoinMarketCap project an average price of $0.88 at the end of July, while the algorithm predicts that Cardano might trade at $1.63 by the end of July. 

At the time of publication, Cardano is trading at $0.4802, which is a 2.81% increase on the day and a 7.41% climb across the previous seven days, according to the data retrieved from CoinMarketCap.

Whether or not the most recent accumulation phase as whales stop dumping will have an impact on the price of the cryptocurrency remains to be seen.

All in all, as the upcoming Vasil hard fork gets closer, particularly in light of its recent successful introduction on the testnet by the blockchain’s developer, Input Output (IOHK) will play a significant role.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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