Cardano Shark Addresses Buying the Dip; Over 79 Million ADA Amassed in 30 Days

On-chain data reveals that Cardano (ADA) shark addresses have collectively acquired almost 80 million ADA tokens in the past month. Reportedly, while ADA sharks have begun to come alive in the market, Cardano whales have ceased dumping their tokens.

Massive ADA Accumulation

According to Santiment, an on-chain data and social metrics service provider, Cardano investors are taking advantage of the crypto winter, in proper positioning for the Vasil upgrade that is just around the corner.

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In particular, Cardano shark addresses holding between 10,000 to 100,000 ADA tokens are hugely accumulating more ADA tokens as the asset’s price continues to stay from its all-time high. 

Collectively, this category of investors has acquired a whopping 79.1 million ADA in just 30 days. On the other hand, Cardano whales, investors holding between 100,000 to 10,000,000 ADA tokens have stopped their massive token dumping. This signals their faith in the blockchain project. 

Santiment feed tweeted; “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.” 

Generally, the crypto market has entered a bear season as seen in the huge price decline of many assets. Cardano (ADA) equally experienced massive token sell-offs as investors panicked. This resulted in the token’s value tumbling over 27% in the last 30 days.

However, some investors are taking advantage of the price discount to boost their ADA holdings while expecting a positive market run as the Vasil upgrade on Cardano mainnet nears. 

Read Also: Vasil Hard fork on Cardano Testnet Done and Dusted: Details

Vasil Upgrade on Cardano Mainnet Approaches

Vasil upgrade on Cardano mainnet is the next big event for the blockchain project. Being a complex upgrade, the IOG team has been employing measures that will result in a stable and successful upgrade. 

For this reason, the Vasil upgrade could not be implemented in June as initially scheduled when some minor bugs were detected. Later on, Charles Hoskinson, Cardano creator noted that the crash of Terra (LUNA) triggered the upgrade postponement to a new date. 

In late June, the final candidate before the anticipated mainnet hard fork, Cardano Node 1.35.0 was released. Subsequently, the Input Output Global (IOG) developers team confirmed the successful Vasil upgrade on Cardano’s testnet on June 3. 

Up next is the mainnet upgrade and it appears Cardano sharks and whales are getting well-positioned for the bullish event as they keep accumulating ADA tokens. 

Recently, some Twitter users rolled out claims that Cardano’s smart contracts are not compatible with the Vasil upgrade. However, Tim Harrison, vice president of the IOG, refuted the FUD about the impending Vasil hard fork.

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