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Cardano (ADA), the eighth-largest cryptocurrency by market capitalization, has recently experienced a surge in whale activity.
According to crypto analyst Ali, Cardano whales have purchased over 14 million ADA, worth around $8.40 million, in the last two weeks alone.
These large holders, known as whales, appear to be bullish on Cardano's prospects as the year 2024 beckoned, amassing millions of ADA in a short period. This indicates that they expect the price of ADA to rise soon.
Expectations surrounding the Cardano ecosystem in 2024 could be one of the reasons for the whale accumulation.
The Cardano Network event, "The Chang Hard Fork," will be the first step toward establishing a minimally viable community-run government. It will be implemented with the Cardano community's approval using the consensus mechanism developed with this hard fork.
Tomiwabold OlajideThe Chang hard fork will kick off the Cardano governance model's bootstrapping model.
The year 2024 is also expected to see Cardano advance toward full Cardano community governance. Cardano will take significant steps toward full Cardano community governance in 2024.
Cardano constitution workshops, a convention and many voting events, among other things, are scheduled for 2024, as is additional progress from Intersect.
Cardano's founder, Charles Hoskinson, expressed his expectations for 2024, posing a question to his X followers if they were ready for an awesome 2024.
Cardano's native cryptocurrency, ADA, rebounded from lows of $0.54 hit on Jan. 3 during the market's large drop. At the time of writing, ADA was up 2.59% in the last 24 hours to $0.565.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team