Major Sign for Retail Investors as Whales Accumulate $138M ADA

Cardano whales and sharks are flocking into Cardano according to recent data by Santiment.
Cardano’s founder defends the project’s network after criticism of Cardano being a religion with no technology.

Cardano has been one of the top coins to watch after a great performance in both its price movement and network activity. In a recent report published by Kraken Intelligence, Cardano (ADA) experienced a 16% increase in daily on-chain transfer volume. By doing so, the network surpassed Bitcoin, Ethereum, Dogecoin, and Algorand. Interestingly, Dogecoin experienced the largest drop experienced a 54% drop in on-chain transfer volume.

The increase was hugely contributed to an increase in whale activity in the network. As a Santiment report shows, whales accumulated more than $130 million ADA in 8 days.

🐳🦈 #Cardano shark & whale addresses have accumulated a combined ~$138M in $ADA in 8 days after the mid-June dump around the local price top. This is only a mild accumulation for now, but could get interesting if this trend continues throughout August. https://t.co/7ix8VPSkZG pic.twitter.com/uPfuLfbbkl

— Santiment (@santimentfeed) August 5, 2022

According to this report, investors took advantage of the mid-June dump around the local price top. Analysts note that if this trend continues, it could see the price drastically change.

Is Cardano a Religious Community?

The reports disprove market investors who have recently accused Cardano of lacking technology. According to these analysts, whales and big investors do not get into the altcoin which further deters retail investors. The accusation has triggered a response from Cardano co-founder Charles Hoskinson who sarcastically suggested the team should pack up and close the project.

So there you have it folks. We only got religion here. No tech. Pack up your bags. Let's buy some robes. Need some volunteers for pricing bulk kool-aid orders. We might as well shut down all those academic research centers and fire the hundreds of engineers while we are at it. https://t.co/hMhpsAExBN

— Charles Hoskinson (@IOHK_Charles) August 5, 2022

Cardano is fast approaching a major upgrade that is closely watched by the wider community. As the narrative goes, “Buy the rumor, sell the news.” Big investors are accumulating heavily ahead of the final launch. The real question for retail investors getting into the market is, will it hold post the upgrade?

Analysts believe that the network will be able to attract a new host of users and developers, continually demanding ADA. Although there will be a correction in the form of a dip, the general trajectory is set to be upward.