Whales on the Cardano (ADA) network remain optimistic about the future of the popular altcoin. On-chain data shows that wealthy addresses now own more than $12 billion in ADA, representing more than 38% of Cardano’s total market capitalization. According to analysts, the interest of these major investors is a major driving force behind ADA’s recent share price increase.
ADA rate development
Cardano’s price is showing clear signs of strength. In the last 24 hours alone, the altcoin has risen 11.2% and is currently trading at $0.89. For a short time, ADA even peaked at $0.925 before the price fell back slightly to its current level. This means the altcoin is approaching the important psychological limit of $1, which could be a crucial point for further price increases.
Whales manage $12 billion ADA
Whales are currently one of the mainstays of the Cardano network. According to data from Tagus Capital, addresses with at least $10 million in ADA collectively control more than $12 billion worth of the altcoin. Analysts at Tagus Capital say this large holding points to increasing interest from institutional investors in the Cardano ecosystem.
A possible catalyst for this interest is the prominent role of Charles Hoskinson, founder of Cardano, as an advisor in the Trump administration. This involvement can further strengthen trust in the network.
Institutional interest and future prospects
The involvement of institutional investors could be an important factor in Cardano’s future price development. The Bitcoin (BTC) network already clearly shows how the popularity of BTC Spot Exchange Traded Funds (ETFs) has had a significant impact on the price.
If this trend also continues at Cardano, it could give an important boost to the ADA price. A return to the all-time high of $3.09, reached in September 2021, would mark an increase of almost 250% from current levels.
Conclusion
With strong whale involvement and increasing institutional interest, Cardano’s future appears promising. If the altcoin manages to break the $1 barrier, it could usher in a new phase of bullish momentum.
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Source: https://newsbit.nl/cardano-whales-beheren-miljarden-dollars-aan-ada/
