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Cardano: Someone Is Buying It Up, and Reason Remains Unknown

Mon, 08/08/2022 - 14:25
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Tomiwabold Olajide
Cardano buying activity spikes within relatively short time
Cardano: Someone Is Buying It Up, and Reason Remains Unknown
Cover image via stock.adobe.com

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Cardano user "Pete" has pointed to a significant amount of Cardano buying activity within a relatively short time while referencing a CoinMarket Cap chart. "Someone is buying up," he said, "Just watch out for those corrections."

ADA was one of the top 10 most traded assets among the top 4,000 BSC whales just 24 hours ago, as data tracker WhaleStats recorded significant trading volumes for the asset.

The motives behind the massive purchases are still unknown. However, the Cardano user is thinking that perhaps the purchases were made with the long term in mind or perhaps to profit in the short term after the Vasil hard fork.

He wrote, "Are these people buying for the long term or buying to dump on retail later after Vasil?"

The much anticipated Vasil Hard Fork remains one of the most significant updates for Cardano to date. This is because Vasil hopes to bring significant improvements to Cardano and its Plutus smart contracts.

Cardano hit its current all-time high before its Alonzo hard fork, which brought about the capabilities of smart contracts. As a result, expectations for Cardano's price remain high ahead of the Vasil hard fork.

As reported by U.Today, Cardano's founder highlighted the essence of timing as to the market’s performance when he responded to a user who complained about his $5,000 worth of ADA investment. The "timing" narrative may be one of the reasons for the enormous Cardano buying volumes that were recently spotted.

Cardano community responds to Mark Cuban's claims

Billionaire Mark Cuban recently made claims that Dogecoin has greater utility than Cardano when he stated in an interview, "I still think Dogecoin has more applications available to it than Cardano."

Cardano's community-focused Twitter account, ADA Whale, believes it "was a factually wrong statement" about Cardano.

Cardano founder Charles Hoskinson, on the other hand, has chosen to ignore the remarks by posting a "wave aside" GIF image in response to the claims.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.