Cardano Goes Toe-To-Toe With Ethereum As Whales Scoop Up 120 Million ADA
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Cardano (ADA) is competing with Ethereum in large transaction volume, with both recording around $6.7 billion in the last 24 hours. This indicates significant accumulation by Cardano whales, with wallets holding 100,000 to 10 million ADA tokens adding 120 million tokens between July 17 and August 1.
Increased whale activity offers a bullish outlook for Cardano, which has a YTD loss of over 35%. Despite this underperformance, on-chain analytics suggest a potential price rally, fueled by liquidations.
A notable development is that the SEC no longer considers ADA a security, and Cardano’s transition to the Voltaire era via the Chang Hard Fork. Yet, ADA’s price remains tepid, currently trading around $0.38.
Source: www.newsbtc.com ↗
