$ADA: Cardano ‘Sharks’ Are Hungry Again, Says Blockchain Analytics Firm

Behavioral analytics firm Santiment says that according to on-chain data Cardano ($ADA) “sharks” addresses have gone into accumulation mode.

In a tweet sent out last Saturday (July 9), Santiment noted that “as #Cardano‘s price performance has stayed particularly underwhelming in 2022, addresses holding 10k – 100k $ADA are now accumulating.” In fact, “they’ve added 79.1m $ADA to their collective bags in 30 days.” As for 100k – 10m whales, they “have ceased their dumping.”

In , Sebastien Guillemot, who is the CTO of blockchain company dcSpark, explained that — post Vasil upgrade –certain new features in the Cardano protocol will enable “a lot of ERC20 tokens” to be ported over to Cardano ($ADA).

As for Bitcoin, the firm pointed out that” #Bitcoin addresses holding between 10 to 100 $BTC have been stacking #Satoshis on this dip, and have collectively upped their holdings to 4.29M $BTC.” Furthermore, Santiment say that “in the past 5 weeks, as prices have retraced -27%, they have added 52K more coins to their wallets.”

Going to back to Cardano news, on July 4, Sebastien Guillemot, who is the CTO of blockchain company dcSpark, explained that — post Vasil upgrade – certain new features in the Cardano protocol will enable “a lot of ERC20 tokens” to be ported over to Cardano ($ADA).

The dcSpark CTO, who is the former VP of Engineering & Cardano Product Manager at EMURGO, took to Twitter to point out one of the huge gifts that the upcoming Vasil hard fork (expected to take place around the end of this month) will deliver, namely that it will make it possible to port “a new class of tokens” from Ethereum to Cardano:

Guillemot went on to say:

  • One challenge with this is although they will now be supported at the protocol level, it will take some time for the tooling around these to be built. Notably, it will require some large change in how wallets handle tokens
  • Inline datum & reference input together allow for this… tokens owned by contracts is something that was not really possible properly until Vasil where you have some options for doing this
  • Native assets will be significantly cheaper to use and probably will always be a better ux

Image Credit

Featured Image by “PIRO4D” via Pixabay.com

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