Cardano (ADA) is once again back in business after a while and it has become bullish in recent trading sessions.
According to the reports, the major crypto investors considered the whales have started purchasing ADA on a large scale. However, the particular activity has been recorded on the BNB Chain.
Top Purchasing Choice on BNB Chain
The data shows that BNB Chain has become one of the top purchasing choices for investors on the BNB Chain.
It is mainly the BNB Chain whales who are taking a lot of interest in the asset making huge investments in the asset.
Stats from WhaleStats
WhaleStats, a major whale tracking platform has provided information about the activity of the BNB Chain whales. The platform has provided information about the past 24-hour activity of the major investors.
The platform has confirmed that they have tracked the group of 100 top investors on the BNB Chain. They have carried out the largest purchases for ADA on the BNB Chain in the past 24 hours.
WhaleStats has confirmed that in total, the whales have purchased an average of 10,308 ADA tokens in the past 24 hours. The particular number ADA translates to $2,750.
Purchases were for Wrapped Cardano
It is important to clarify here the BNB Chain whales will not go for the Cardano token but the wrapped Cardano tokens.
As per the reports, 0.67% of the total portfolio of whales comprises ADA. This goes to show the enormity of the funds the BNB Chain whales have in their portfolio.
On average, each whale is holding around 19.34 million ADA, which accounts for $5.15 million.
Data from BscScan
BscScan has also provided the data it has collected around the activity of the addresses involving the Binance-Peg Cardano.
The report shows that at the time of writing a total of 506,404 addresses are in possession of the Binance-Peg Cardano tokens.
It is very significant that the number has continued surging and from the looks of it, it may continue rising.
At the beginning of December, the total number of wallet addresses that held the same tokens was 500,404.
This means that in a matter of almost 3 weeks, the total number of wallet addresses has surged by 6,000. At the time of writing, the total wallet addresses holding the particular tokens are 506,404.
This goes to show that since the beginning of December until now, the total number of wallet addresses holding Binance-Peg Cardano has surged by 1.1%.
A Highlight for Cardano
Cardano has continued struggling since the beginning of 2022 with no positive factor to help push its price. The only positive factor ADA had was the implementation of the Vasil upgrade in September 2022.
Even the Vasil upgrade provided to be a failure as it did nothing to push the asset’s price.
However, the situation seems to have changed for ADA in the past couple of weeks. This is a highlight for ADA that the price of the asset has continued surging in the mentioned period.
It is all thanks to the whales on the BNB Chain who have continued purchasing the asset, pushing its price higher.
If the trend continues, then the trading price of ADA may continue to rise. With more whales holding the asset, the market for the asset may continue gaining more momentum.
With scarcity being introduced in the ADA market, the value of the asset will start spiking. This would help ADA achieve new higher levels that it has not touched for a while.
The adoption surge for Cardano is based on the efforts that the network has put in in order to expand its influence in the mark.
The blockchain network has continued working on several projects and collaborations. In December alone, Cardano introduced three new projects through its blockchain.
As of now, Cardano is managing a total of 111 projects through its blockchain and it aims to keep increasing the number.