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Cardano Sharks and Whales Scoop $138 Million in ADA, Santiment Highlights Why This Could Get Interesting

There is a growing interest in the Cardano, the largest proof-of-stake (PoS) blockchain, as the community prepares to witness the implementation of the Vasil hard fork, which promises to boost the network performance of the crypto project.

Cardano Sharks and Whales Scoop $138 Million in ADA

According to the popular crypto analytics firm Santiment, Cardano shark and whale addresses collectively accumulated $138 million worth of ADA within 8 days after the mid-June market dump.

Read Also: Here’s why Cardano Vasil Hard Fork Will Be Delayed for More Weeks

Santiment stated further that this may get interesting if the addresses continue the massive accumulation of Cardano (ADA) throughout August.

Santiment tweeted, “Cardano shark & whale addresses have accumulated a combined ~$138M in ADA in 8 days after the mid-June dump around the local price top. This is only a mild accumulation for now, but could get interesting if this trend continues throughout August.”

Vasil Upgrade Is Boosting Investors’ Interest in Cardano (ADA)

It’s obvious that Vasil hard fork is one of the biggest upgrades in the works and the current accumulation of Cardano (ADA) is an indication that investors are betting on its potential impact.

Vasil hard fork promises to increase the throughput on the Cardano network and improve the development of smart contracts and decentralized applications (DApps).

Read Also: Cardano (ADA) Reaches New Height of Network Uptime: 1760 Days without an Outage

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It should be noted that Cardano is a constantly updated chain of blocks and each of these blocks contains transaction records. So, Vasil upgrade is coming to increase the size of each of these blocks.

This implies that the implementation of the major upgrade will create more space for data saved in each block added to the blockchain. This is expected to enhance the scalability of Cardano as it battles with other top smart contract platforms, especially Ethereum.


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Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.
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