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Following the successful deployment of Vasil in Cardano's testnet on 28 June, wallets defined as "Cardano Whales" – which hold between 10K and 100K ADA tokens – have been amassing around 79 million ADA tokens in the past month or so according to data compiled by crypto analytics firm Santiment. This made Cardano's price move sideways from nearly a month within US$0.45 to US$0.53.
Holding a larger amount of ADA makes Cardano whales powerful enough to determine the token's upcoming trends via increased volatility or decreased liquidity. Additionally, they can force fishes, or investors holding fewer ADA tokens, to copy their trades.
The recent buying spree among the Cardano sharks hints that they have been positioning themselves for a sharp price rebound, especially as ADA trades nearly 85% below its September 2021 record high of US$3.16.
ADA is currently ranked as the 8th biggest crypto project by market cap with a total market cap of US$15.92 billion. This ranks it above Solana (SOL) with its market cap of US$12.87 billion and below the remittance token, XRP, with its market cap of US$16.04 billion.
Cardano is a proof-of-stake blockchain platform that says its goal is to allow "changemakers, innovators, and visionaries" to bring about positive global change. The open-source project also aims to "redistribute power from unaccountable structures to the margins to individuals" — helping to create a society that is more secure, transparent, and fair.
Cardano is one of the biggest blockchains to successfully use a proof-of-stake consensus mechanism, which is less energy-intensive than the proof-of-work algorithm relied upon by Bitcoin. Although the much larger Ethereum is going to be upgrading to PoS, this transition is only going to take place gradually.
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