Charles Hoskinson, the founder of the Cardano ecosystem, has assured its community that the team will not delay the long-awaited Vasil hard fork anymore. It appears the news has pushed several investors to add more ADA to their crypto vault.
Cardano Whales And Sharks Accumulate ADA
According to reports, Cardano whales have bought ADA worth over $138 million. On August 5th, Santiment, an analytics platform, revealed that this accumulation occurred between July 27th and August 5th.
The platform also released a chart showing the total accumulation of both whale and shark addresses. The sharks are those with over 10,000 ADA, while the whales have over 10 million ADA.
The chart shows ADA investors bought over 0.46% of the blockchain’s supply within eight days. Also, the shark wallet addresses bought over 79.1 million ADA.
As of the time of writing, this amount translates to over $41.44 million. Meanwhile, most whale addresses have stopped dumping the altcoin.
Surprisingly, analysts believe the price of ADA will skyrocket following the upcoming Vasil hard fork. The upgrade promises to develop the scalability of the Cardano network.
On August 9th, Messari, a cryptocurrency market intelligence system, tweeted that the vasil hard fork will increase the throughput of the Cardano network. Also, it would enhance the smart contract allowing more projects to function on the blockchain.
Cardano Blockchain Continues To Expand
Although the Cardano Vasil hardfork has been delayed, the network has recorded immense usage recently. According to reports, the number of ADA wallets has exceeded 3.5 million.
Over the past months, the Cardano blockchain has witnessed increased growth. During this period, the development team has made several updates to the system. This includes the smart contract function.
According to Finbold, data from the Cardano Blockchain Insights showed that the number of smart contracts on Cardano Plutus surpassed 3000 in August. This was possible due to the Alonso hard fork.
The Alonso hard fork allowed the platform to provide the community with a place to develop and program DeFi applications. As of the time of writing, the price of ADA was trading at $0.5238.
As per CoinMarketCap, it has dipped by about 3.54% in the past 24 hours. However, ADA is still up by 6.81% compared to last week.
Meanwhile, crypto analysts have predicted that the price of ADA will surpass $1 before the end of 2022. However, Cardano’s all-time high (ATH) price was about $3.10 last September.