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.
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.”
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
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.
Follow us on Twitter, Facebook, Telegram, and Google News
TLDR Stripe's introduction of stablecoin payments, set for this summer, has sparked bullish forecasts for…
While Toncoin (TON) clings to stability, barely holding above $5, and Polygon (MATIC) faces a…
As Bitcoin (BTC) continues to hover around the $63,000 zone, the leading cryptocurrency has stagnated…
MicroStrategy founder Michael Saylor, a renowned Bitcoin maximalist, has issued harsh predictions for Ethereum (ETH)…
After rejecting a listing on Binance, Scorpion Casino charts a new course to navigate regulatory…
Despite numerous bullish predictions, XRP has stayed relatively stagnant, discouraging the community with its underperformance.…