(Santiment) Key whale addresses accumulating Cardano have risen for the fifth straight week, despite ADA price declining to the lowest in fifteen months.
Santiment data indicates that Cardano addresses holding 1-10 million ADA have added 196 million of the cryptocurrency in the last five weeks. The additions come after a seven-month of dumping of the cryptocurrency, in which the investors cut 1.7 million of holdings.
The weeks of ADA accumulation happened at a time when, on April 25, the blockchain increased its block size by 10%. The increase promises better DApp performance and faster processing speeds.
Cardano also awaits the Vasil hardfork in June, with the goal to grow the protocol and raise the transaction throughput, liquidity, and volume.
The whale accumulation underlines Cardano’s busy weeks. The network unveiled the Cardano ERC-20 converter recently, which supports ERC-20 token migration to the platform and raises the use cases for application developers and enterprises.
After prolonged accumulation, the ADA enthusiasts are now optimistic the cryptocurrency will overcome the prior weaknesses. CoinMarketCap data indicates that investors expect a 50% surge of the cryptocurrency by the end of May.
ADAUSD is up +2.15%
