Cardano user “Pete” has pointed to a significant amount of Cardano buying activity within a relatively short time while referencing a CoinMarket Cap chart. “Someone is buying up,” he said, “Just watch out for those corrections.”
ADA was among the top 10 most traded assets among BSC’s 4,000 whales just 24 hours ago as data tracker WhaleStats recorded significant trading volumes for the asset.
The motive for the large purchases is not yet known. However, the ADA user believed that perhaps the purchases were made with the long-term in mind, or perhaps to make a profit in the short-term after the Vasil hard fork. He wrote: “Are these people shopping for the long term or are they shopping to stop at Vasil’s retail store later?”
Cardano’s Upcoming Vasil Hard Fork
The highly anticipated Vasil Hard Fork remains one of the most important updates for ADA to date. That’s because Vasil hopes to bring significant improvements to ADA and its Plutus smart contracts. ADA reached its current high before the Alonzo hard fork, which brought smart contract capabilities. As a result, ADA price expectations for the Vasil hard fork remain high.
As noted, Cardano’s founder emphasized the importance of timing the market’s performance when he responded to a user who complained about his $5,000 ADA investment.
The “timing” story may be one of the reasons for the large volume of ADA purchases recently. ADA Community Responds to Mark Cuban’s Claim Billionaire Mark Cuban recently stated that Dogecoin has more utility than ADA, saying in an interview, “I think Dogecoin has more applications for it than Cardano.”
Meanwhile, Cardano founder Charles Hoskinson chose to ignore the comments by posting a “wave aside” GIF in response to the claims.