According to crypto researcher Ali on Twitter, large investors of Cardano, sometimes known as “whales,” have made significant purchases recently and have accumulated over 130 million ADA tokens, or more than $39 million, as a result.
This surge in purchases coincides with a period of volatility for the cryptocurrency; according to the most recent statistics from CoinGecko, the price of ADA is now hovering around $0.29 following a tiny 2.8% gain.
Cardano still has a healthy market value of $10.48 billion and a remarkable $248 million in 24-hour trading activity.
After a remarkable 53.5% increase in the first quarter, ADA’s price and market cap retraced in the second quarter.
According to a recent Messari analysis, ADA’s year-to-date growth has remained solid at 12% despite a quarter-over-quarter fall of 26.9%. Due to this decline, ADA lagged behind the 0.1% QoQ growth of the whole crypto market.
The primary functions of ADA, Cardano’s native asset, are to pay network fees, register stake pools for network consensus participation and staking, support the network’s security, and provide token incentives to its users.
Legal issues around cryptocurrencies have also affected the price of ADA. Several cryptocurrency assets, including ADA, were classified as securities by the SEC in its accusations against market leaders Binance US and Coinbase.
According to U.Today, Brian Armstrong, CEO of Coinbase, recently said that the popular exchange would delist ADA and other coins that were named in the legal proceedings.
