Lele Jima
Cardano investors are expecting an imminent surge in ADA prices despite the coin’s recent underperformance
The cryptocurrency market recorded a slight dip earlier today that saw it lose 4.4% of its valuation. Aside from stablecoins, cryptocurrencies in the top 10 rankings, including Bitcoin (BTC) and Ethereum (ETH), shredded some of their percentages as investors were forced to panic sell.
ADA Underperformance
Cardano (ADA) was not left out of the unexpected dip as investors. ADA, which traded as high as $0.90 in the last 24 hours, is down 5.7%, thus pushing its price below $0.80 again.
At the time of writing, Cardano is currently trading around $0.78, representing a 35.2% decrease in the last seven days.
Similarly, ADA is down 74.5% from an all-time high (ATH) of $3.09 recorded last year. The coin has been struggling to reclaim $2 since November 17, 2021, with the coin trading below $1.
Investors Display Confidence Via Massive Accumulation
While several traders have expressed their frustration at the underperformance of ADA, its community of bullish supporters are optimistic that the coin will record positive movements in the coming months after the team behind the project launches the Hydra Hard Fork.
The expectations have prompted many investors to continue accumulating the cryptocurrency, especially during price dips. As reported, over 750,000 Cardano addresses purchased a combined 37.4 billion ADA when the cryptocurrency price dropped below $1.
The accumulation spree continued earlier this week as Cardano addresses holding between 1 million and 10 million ADA scooped 196 million of the coin in the past five weeks.
“#Cardano whale addresses holding 1M to 10M $ADA are accumulating their bags these past 5 weeks (196M more $ADA) after a 7-month stretch of dumping (-1.7M less $ADA). The 9th largest market cap asset recently hit prices last this low in February, 2021,” Santiment Feed reports.
In a similar development, retail interest in Cardano recorded an increase of 186% over the last 30 days.
Interestingly, the growth in adoption of Cardano’s ADA amid price dips continues to illustrate investors’ confidence in the ninth-largest cryptocurrency and the imminent surge that will come when the Hydra upgrade is implemented on June 29, 2022.
– Advertisement –
