Cryptocurrency analytics firm Santiment has a high number of Cardano investors who have increased their stakes on the token ahead of the Vasil Hard Fork. According to the platform, these investors represent holders with addresses containing from 10,000 to 100,000 ADA.
Addresses in these places have accumulated an impressive 79.1 million ADA, worth nearly $37.84 million, in the past 30 days.
ADA Sharks Claim More Tokens Ahead Of Hard Fork
The ADA token has been affected by the current crypto winter. The token’s value has fallen by 27% over the past 30 days. This has forced some ADA investors to start rethinking their investment in the crypto asset. However, several investors are still taking advantage of the dip to buy increase their ADA portfolios in anticipation of a surge in the future.
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Santiment also stated that whale addresses are no longer selling their ADA tokens. The high level of faith shown by investors in the asset has resulted in growth in its value. The value of the asset tends to increase at any small chance after the shift. Many investors are now hoping that the process will continue and the token will push forward after the dip.
Upcoming Vasil Hard Fork Leaves Investors Optimistic
Cardano’s parent company Input Output (IOHK) explained that the Vasil upgrade is expected by the end of the month. The level of expectations from investors is now very high, with many holders increasing their stake in the token.
Holding more ADA gives whale investors more control over how they influence the market and price movement. Also, the millionaire addresses they will have the ability to enter the market where the price is low in anticipation of a massive price increase in the future.
Although the upgrade of a crypto platform does not always correlate with the price change, it is an important factor that determines the next trend of the token. The whale investors will hope that the price of ADA gets a massive boost after the Vasil upgrade.
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Source: https://insidebitcoins.com/news/whales-increase-portfolio-as-cardano-vasil-upgrade-nears