Cardano Whales Snap Up 10 Million ADA Tokens Amid Price Drop

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Within the last day, whales on the Cardano (ADA) network have acquired more than 10 million tokens, as the value of the cryptocurrency began to decrease during a broader adjustment in the crypto market.

Based on information from on-chain analysis company Santiment, as reported by well-known crypto analyst Ali Martinez on his social media account, it’s been observed that significant investors (Cardano whales) purchased approximately 10 million Cardano tokens within a 24-hour period on January 7.

Significantly, the value of the cryptocurrency began decreasing on that particular day, falling over 15% from approximately $1.153 to its current level of $0.97.

The cost of Cardano is declining during a market adjustment, which began when U.S. job openings increased unexpectedly in November, potentially indicating that the employment market is becoming stricter. This trend also impacted conventional markets and led to a decrease of over 1% in major stock indexes during yesterday’s trading session.

Even though Cardano is currently experiencing a decline, it has several developments underway. One of these is the Plomin hard fork, which builds upon the foundations set by the Chang hard fork from September and enables ADA token holders to actively contribute to the future of the protocol through its governance system.

By assigning their voting rights to Delegated Representatives (DReps) or becoming DReps themselves, ADA token owners can exercise their voting power within the blockchain. In addition to governance, the hard fork brought about several technical advancements. These include new Plutus building blocks for enhanced smart contract capabilities and stronger support for Stake Pool Operators.

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2025-01-09 01:26