Blockchain News

Crypto Community Estimates Cardano ($ADA) Price Drop in April Despite Growing Adoption and Whale Accumulation

The cryptocurrency community anticipates that the price of smart contract platform Cardano ($ADA) will fall in April, even as its adoption continues to grow and whales accumulate the network’s native token.

Over 800 users on CoinMarketCap’s cryptocurrency price estimates predicted that ADA would end the month of April trading at $0.37 per token, down around 7% from the token’s current price of around $0.3989. The cryptocurrency community appears to be becoming more bearish as time passes, predicting a near 11% drop to $0.355 in May. It’s important to note that the cryptocurrency community’s predictions may never come true.

According to the platform, the community’s historical accuracy is slightly higher than 59%, with recent data indicating that it was around 80% in January and February 2023, up from 6.8% in December. It was 96.5% in March.

The bearish outlook comes despite Cardano experiencing a surge in buying activity from large investors known colloquially as whales. Over the last month, these large token holders have added a total of 150 million tokens.

Cardano whales holding between 1 million and 10 million ADA have been on a buying spree, collecting over $57 million worth of the smart contract platform’s native token in a few weeks, according to data shared by crypto analyst Ali Martinez from IntoTheBlock, a blockchain analytics platform.

According to CryptoGlobe, data from Input Output Global (IOG), the company in charge of Cardano’s research and development, shows that the network has been widely adopted by developers, with over 1,200 projects built on top of it.

Over 8 million native assets have been created on top of the Cardano blockchain, nearly doubling the figure of 5 million in May 2022. It’s worth noting that the Cardano network began accepting these assets on March 1, 2021.

According to data, there are now 8.03 million native assets deployed on Cardano across over 70,900 policies. According to Cardano’s documentation, minting policies are a “set of rules that govern the minting and burning of assets scoped under that policy.”

Native tokens are unique assets that can be used “right out of the box – without the use of smart contracts.” The documentation for the network states that native assets can “practically be treated as ada in every sense because the capability is already built-in.”

Meanwhile, as previously reported by CryptoGlobe, the total value locked on Cardano’s decentralized finance (DeFi) ecosystem has recently reached a new all-time high of 382.8 million $ADA tokens, valued at over $138.77 million at the time of writing. Cardano’s total value has increased this year.


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