ADA Whales and Sharks Position Themselves for Vasil Hard Fork

Recent data released by the blockchain analysis firm, Santiment, shows that Cardano (ADA) wallet addresses that hold large amounts of ADA are accumulating despite the underwhelming performance of ADA’s price.

The Santiment data shows that the number of addresses holding between 10,000 to 100,000 ADA has been consistently growing over the last month. In addition, the number of wallets holding between 100,000 and 10 million ADA has remained flat – signaling that ADA whales have ceased dumping the coin.

The accumulation of ADA may be directly linked to the Vasil Hard Fork approaching. Despite the event being delayed, the Cardano team has made significant progress and has deployed the upgrade to the testnet. As a result, ADA sharks have scooped up approximately 79.1 million ADA.

Looking at the price of Cardano(ADA), it currently stands at $0.4721 after a 1.99% dip in the last 24 hours and a very small dip over the last hour, according to CoinMarketCap. Despite the 24-hour dip in price, ADA has posted gains over the last 7 days – with a 5.08% increase in price over the last 7 days.

ADA is currently ranked as the 8th biggest crypto project by market cap with a total market cap of $15.92 billion. This ranks it above Solana (SOL) with its market cap of $12.87 billion and below the remittance token, XRP, with its market cap of $16.04 billion.

As the crypto market heads into the new week, the daily trading volume for ADA is estimated to be $589,228,353, which is a 29.08% increase over the last 24 hours.