Whales on the Cardano (ADA) network have accumulated over 10 million tokens in the span of 24 hours as the price of the cryptocurrency started dropping amid a wider crypto market correction.
According to data from on-chain analytics firm Santiment shared by popular cryptocurrency analyst Ali Martinez on the microblogging platform X, Cardano whales bought over 10 million tokens in just 24 hours on January 7.
Notably, the price of the cryptocurrency started dropping that day, having plunged more than 15% from around $1.153 to now stand at $0.97.
https://twitter.com/ali_charts/status/1876636839974764969
The price of Cardano is dropping amid a market correction that started as job openings in the U.S. rose more than expected in November in a potential sign the labor market is tightening. It affected traditional markets as well and saw major equity indexes drop over 1% in yesterday’s session.
Despite the drawdown, Cardano has a series of developments ongoing, its Plomin hard fork, a major upgrades that upon the foundation laid out by the Chang hard fork back in September and empowers ADA token holders to directly participate in the future of the protocol through its governance system.
By delegating their voting power to Delegated Representatives (DReps) or assuming the role of DReps, ADA token holders are able to vote on-chain. Beyond governance, the hard fork introduced various technical enhancements, including new Plutus primitives for improved smart contract functionality, as well as better support for Stake Pool Operators.
Featured image via Unsplash.
