Cardano whales accumulate ADA as Layer 2 scaling solution Hydra goes live
- Cardano network’s largest whale addresses have accumulated over a 100 million ADA tokens over the past week.
- Whales continued scooping up ADA as the Ethereum-killer blockchain’s Layer 2 scaling solution Hydra went live.
- ADA is trading sideways, eyeing resistance at $0.40 to begin its price recovery.
Cardano network’s large wallet investors are scooping up ADA tokens, accumulating the Ethereum-alternative token. Whales are awaiting a recovery in ADA price post Layer 2 scaling solution Hydra going live.
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Cardano network’s whale addresses are scooping up ADA tokens
Ethereum’s competitor Cardano recently launched its Layer 2 scaling solution Hydra. The rollout of the launch fueled a bullish thesis among ADA holders. Large wallet investors on ADA blockchain have added more than 100 million ADA tokens to their portfolio over the past week.
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ADA whale accumulation
Whales are likely anticipating a recovery in ADA price. The last time whales in this segment holding between 100,000,000 to 1,000,000,000 accumulated ADA and scooped up the altcoins, there was an increase in Cardano’s price.
The altcoin’s blockchain recently launched a Layer 2 scaling solution, Hydra. The Layer 2 protocol operates on the Cardano blockchain and Hydra was designed to improve Cardano’s transaction throughput and overall efficiency of the blockchain.
Hydra enables parallel processing of transactions and boosts the overall capacity of Cardano’s blockchain. This development could likely act as a bullish catalyst for Cardano price.
Cardano’s Year-to-Date (YTD) performance is fourth best in the crypto ecosystem, after Solana, Bitcoin and Ethereum. Interestingly, the altcoin observed 65 million transactions as its network continued growing in April 2023.
Cardano YTD performance in 2023
Cardano whales’ activity signals their bullish sentiment on ADA and likelihood of Cardano’s recovery from its sideways price trend.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
