Could These Two Elements Drive ADA to $10?

Summary

• Recent activities show that Cardano whales have been active again, acquiring more than 180 million ADA in the last week.
• The Cardano team made a notable announcement regarding the integration of Bitcoin Ordinals, which analysts believe could lead to a significant price shift.

Whales Re-engage in Accumulation

Whales, as the most influential players in the cryptocurrency market—especially in the absence of ETFs or other regulated financial products—play a crucial role in the price fluctuations of altcoins.

The value of ADA is particularly affected when these whales decide to buy or sell in large volumes, highlighted by a notable drop when they were offloading in late February.

Recent analysis by Ali Martinez, however, paints a more optimistic picture, indicating that whales have gathered over 180 million ADA just in the past week. In monetary terms, this is roughly valued at $135 million today. Visual data reflects that whale holdings have increased to over 13 billion ADA, representing more than one-third of the total available supply of 35.33 billion.

Integration of Bitcoin Ordinals

In addition to the significant accumulation by whales, another element that could influence ADA’s market performance is the ongoing innovation within the network itself.

Yesterday, IOG made a compelling announcement regarding the ability to wrap and bridge Bitcoin Ordinals to the Cardano blockchain using Fairgate’s BitVMX framework.

This advancement is viewed as a major step forward for decentralized finance, facilitating interaction between two major blockchain ecosystems.

“The evolution of decentralized finance will be cross-chain, and BitVMX demonstrates how Bitcoin can serve as a fundamental element in this transformation,” stated Charles Hoskinson, CEO of IO. “By merging the versatility of Cardano with the security of Bitcoin, we are creating opportunities for innovative financial tools and services.”

Dan Gambardello, a well-known YouTuber and content creator, commended this integration and suggested that it might contribute to a rise in ADA’s price towards $10.