Cardano Whales purchased over 16 million ADA

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Cardano big addresses holding between 100,000 and 1 million tokens have bought more than 16,000,000 ADA as the price has risen, according to recent Santiment statistics released by a famous cryptoanalyst.

After making big increases over the last two days, ADA is approaching the psychological $1 milestone. After heightened buying pressure, the ninth-largest cryptocurrency has risen by more than 20% since February 28.

Santiment data shows that a large number of buy orders have been filled in the previous 48 hours, indicating that large investors are adding more ADA to their portfolios. The on-chain analytics firm forecasts a massive 16 million token surge in the holdings of medium-sized Cardano whales.

Aside from that, Cardano appears to be accumulating from all tiers of address holders. Cardano’s “shark addresses,” which contain 10,000 to 100,000 ADA tokens, have acquired over half of Cardano’s entire supply of 34.12 billion ADA tokens, adding 6% more in February.

Since December 2019, “Hodlers,” who refer to Cardano addresses held for more than a year, have also acquired the greatest ADA balance.

The positive bias may have been aided by Cardano’s recent network upgrades and development, and as a result, some anticipate the ADA price will grow. Some researchers anticipate the price of ADA will reach $58 by 2030, according to a Finder’s poll.

Cardano’s parent firm, IOHK, announced a successful code release in February, the first of three major code drops planned for 2022 to improve the core network. In hard fork combinator events in June and October, the other two significant code dumps are expected.

The business says it plans to roll out a slew of scaling improvements in 2022, with an emphasis on hard fork combinator (HFC) events in June and October. A hard fork combinator is a Cardano feature that allows various protocols to be combined without requiring significant changes.