• Recent whale activity has prompted speculation that a potential rally in Cardano’s price could be on the horizon.
• The Cardano Foundation recently released plans to increase the adoption of blockchain technology, as well as progress being made on its roadmap.
• Unique account growth on Cardano’s decentralized applications is showing signs of increased popularity and success.
Recent Whale Activity in Cardano
Recently, there has been a significant increase in whale transactions on the Cardano blockchain. Wallets holding between 1 million and 100 million ADA have been actively buying and selling the coin, leading to speculation that a potential rally in ADA’s price could be on the horizon. Some analysts believe that the increased demand from large investors could lead to a sustained price increase of Cardano.
Cardano Foundation Plans
The Cardano Foundation recently released plans to increase the adoption of blockchain technology. According to their Twitter post, they aim to make the network a strong base for social and financial systems now and into the future. Furthermore, recent progress has been made on their roadmap such as with their smart contract functionality launch in September 2021 and Alonzo upgrade release.
Unique Account Growth On DApps
A chart was shared by Cardano Daily showing an increasing number of unique accounts using their decentralized applications (Dapps). Indigo Protocol was shown as having the most significant growth both in terms of percentage (133%) and actual numbers (1.6K accounts). This indicates an increasing popularity, success, and growth for these applications.
Potential Impact On ADA Price
With this surge in whale activity comes speculation about what kind of impact it will have on ADA’s price trend long-term. It is assumed that larger investors buying up large amounts of ADA can cause a sustained bullish trend over time; however, this cannot yet be confirmed until trends are seen over time.
Conclusion
At present it is unclear what kind of effect an influx of whale activity will have on ADA’s price trend long-term; however it does seem to signal confidence from large investors which is often taken as an indicator for sustained bullish trends. With ongoing efforts from The Cardano Foundation working towards increased adoption of blockchain technology this may indeed create positive momentum going forward which could bolster prices further down the line