In the past 48 hours, Cardano (ADA) has recorded significant whale transactions, linked to the anticipation of governance changes in the blockchain.
Whale Activity in Cardano
Cardano (ADA), currently ranked ninth among the largest digital currencies by market capitalization, has recorded large whale transactions over the past 48 hours. According to data, large investors have acquired over 20 million ADA during this period, indicating increased interest in the coin. ADA is currently priced below $1, providing an opportunity for an accumulation phase.
Cardano's Governance Improvements
The increase in whale activity may be tied to progress in Cardano's decentralized governance. Recently, Intersect, a key organization within the Cardano ecosystem, announced that the Plomin hard fork governance action has been submitted for ratification. This update signifies a crucial moment for the blockchain's governance framework as it integrates full on-chain governance as outlined in CIP-1694. It marks the end of Cardano's technical accumulation phase to build a competitive technical infrastructure and start a new decentralized and self-governing ecosystem.
Development and Market Outlook
The ratification and implementation of the Plomin hard fork could occur anytime between January 4 and January 29, 2025, depending on the blockchain's epoch boundary. Successfully completing this process should strengthen Cardano's governance and make it possible to fully decentralize decision-making processes on the mainnet. ADA has seen a price increase of 1.75% in the last 24 hours, reaching $0.887, yet it remains below $1. Interested whales may drive it even higher. Breaking through the $1 mark, Cardano could trigger a new upward movement to $1.20. Otherwise, a bearish trend may occur if the price falls below $0.76, potentially testing $0.50 levels.
The rising whale activity and governance upgrades make Cardano one of the cryptocurrencies to consider in the future. These developments, apart from enhancing investor trust, indicate the network's growth and the path it is likely to take to become a fully decentralized, strong, and efficient blockchain platform.
