Whales on the Cardano (ADA) network have amassed over 100 million tokens in just 48 hours, as the cryptocurrency’s price began to recover amidst a broader crypto market rise.
According to data from the on-chain analytics firm Santiment, shared by popular cryptocurrency analyst Ali Martinez on the microblogging platform X, Cardano whales purchased over 100 million tokens in just two days.
ADA is at the time of writing trading at $1.062 after rising little over 14% in the past week. The cryptocurrency hit a $0.9 low back on January 13, but has since surged significantly to its current level.
The price of Cardano is experiencing a rise as part of a market recovery that seemingly started over reports that the incoming Trump administration is set to start overhauling the U.S. Securities and Exchange Commission’s current crypto policies to clarify rules for crypto market players.
Cardano is also undergoing several significant developments. One notable event is the Plomin hard fork, a major upgrade that builds upon the foundation laid by the Chang hard fork in September. This hard fork empowers ADA token holders to directly participate in the future of the protocol through its governance system.
By delegating their voting power to Delegated Representatives (DReps) or assuming the role of DReps, ADA token holders gain the ability to vote on-chain. Beyond governance, the hard fork introduces various technical enhancements, including new Plutus primitives that enhance smart contract functionality and provide improved support for Stake Pool Operators.
Source: cryptoglobe.com
