Cardano Investors Reiterate Confidence in the Project Via Massive Accumulation of ADA

Despite the coin's recent underperformance, Cardano investors are anticipating a spike in ADA prices.

The cryptocurrency market took a minor tumble earlier today, losing 4.4 percent of its value. Apart from stablecoins, cryptocurrencies in the top ten rankings, such as Bitcoin (BTC) and Ethereum (ETH), saw their percentages slashed as investors panicked and sold.

ADA Underachievement

As investors, Cardano (ADA) was not immune to the unexpected drop. ADA, which reached a high of $0.90 in the previous 24 hours, is now down 5.7 percent, bringing its price back below $0.80.

Cardano is trading about $0.78 at the time of writing, down 35.2 percent in the last seven days.

ADA has also dropped 74.5 percent from its all-time high (ATH) of $3.09 last year. Since November 17, 2021, the coin has been battling to recapture $2, with the price hovering around $1.

Massive accumulation by investors demonstrates their confidence. 

While some traders have voiced dissatisfaction with ADA's underperformance, its bullish proponents believe the coin will see favorable movement in the coming months after the Hydra Hard Fork is launched by the project's developers.

Many investors have continued to accumulate cryptocurrencies as a result of the expectations, particularly amid price drops. When the cryptocurrency price plummeted below $1, over 750,000 Cardano addresses bought a total of 37.4 billion ADA.

Cardano addressed holding between 1 million and 10 million coins earlier this week, continuing the collecting spree. In the last five weeks, ADA has collected 196 million coins.

"After a 7-month run of dumping (-1.7M less $ADA), #Cardano whale addresses holding 1M to 10M $ADA have been accumulating their bags for the past 5 weeks (196M more $ADA)." Santiment Feed notes that "the 9th largest market cap asset just touched prices last this low in February 2021."

Retail interest in Cardano has increased by 186 percent in the last 30 days, in a similar development.

Interestingly, despite price drops, Cardano's ADA continues to increase in popularity, demonstrating investors' faith in the ninth-largest cryptocurrency and the impending rise that will occur when the Hydra upgrade is implemented on June 29, 2022.