The trading volume of Cardano (ADA) has risen significantly despite the consolidation of the price. CoinGlass says the trading volume for ADA increased by 96.99% in the past 24 hours, with $365.83m traded against it compared to yesterday’s $214.14m.
Growing Speculation on ADA ETF
The Cardano community has been abuzz with speculation regarding the potential introduction of an ADA Exchange-Traded Fund (ETF). This speculation follows the recent approval of spot ETFs for Bitcoin and Ethereum by the United States Securities and Exchange Commission (SEC).
There will be $ADA ETFs. #Cardano pic.twitter.com/IKd29QpjVu
— St₳ke with Pride 🌈 SPO & DRep (@StakeWithPride) June 27, 2024
A social media post by TapTools got the ball rolling and Charles Hoskinson, founder of Cardano, responded playfully yet hopefully.
Hoskinson’s involvement is seen as an opportunity for developers of an ETF to apply. This makes it important for ADA as their community waits for more information on this matter.
Whales Show Increased Activity
Large holders have been very active over recent days, with IntoTheBlock data showing a sharp increase in transactions involving huge amounts of ADA, up to 17 billion tokens traded within one day.
This indicates that there are many large holders who are buying and holding significant amounts of ADA, suggesting strong confidence in its future.
Net inflows surged by 720.62% within seven days due to increased whale activity, indicative of a robust accumulation period. This implies that the coin might be on its way to recovery and expansion.
Anticipation Builds for Chang Hard Fork
For Ada investors and stakeholders, another key talking point is Chang Hard Fork scheduled for August. Voltaire age will be ushered in after this upgrade thus fully decentralizing Cardano network. Recently, market activities have risen as well as optimism among traders from anticipation surrounding this event.
Historical data has shown that major network upgrades can lead to price jumps. For instance, when Alonzo Hard Fork took place last August, ADA experienced a significant rise in value raising hopes for similar growth during the Chang upgrade The Ada market is being closely watched for signs of bullishness by the community ahead of this milestone.
The Chang Hard Fork is single handedly one of the biggest transfers of wealth in modern history.
Over 1 BILLION $ADA is transferring into the hands of Cardano holders via governance.
Network fees will CONTINUE to grow the treasury.
The treasury can be used for a variety of… pic.twitter.com/200pstbnOT
— TapTools (@TapTools) July 26, 2024
However, despite whales’ actions coming along with liquidity flow through high transaction volumes recently, there are some uncertainties about the price of ADA. At present, ADA is valued at $0.4171 and has seen only minor fluctuations characterizing it as a very cautious market.
Nevertheless, an introduction of ADA ETF and another fork like Chang might ignite the coin into a bull run. Therefore, traders and investors expect that these developments could be enough to push ADA through resistance at $0.42 with a potential to reach higher levels.
