Cardano's Price Rises 0.699% Amid Geopolitical Tensions and Whale Accumulation

Cardano's latest price was $0.6904, up 0.699% in the last 24 hours. Geopolitical tensions and regulatory uncertainty continue to shape cryptocurrency markets, with Cardano experiencing volatile price action. Despite strong network fundamentals, including surpassing 110 million total transactions, ADA faces downward pressure amid broader market concerns about inflation and monetary policy decisions.

Cardano whales have been actively accumulating tokens, with a weekly purchase of more than 180 million ADA. This indicates growing confidence in the network’s long-term prospects and market stability, as large holders can stabilize prices by absorbing sell pressure. Additionally, Japanese interest in Cardano has surged, with the ADA/JPY pairs hitting global highs, suggesting increased demand among Japanese traders and investors.

Input Output (IO), the firm behind Cardano’s blockchain infrastructure, has partnered with $SNEK, the top community token on the Cardano network after its native ADA coin. This collaboration aims to support grassroots projects and strengthen the overall Cardano ecosystem. Charles Hoskinson, CEO of IO, noted that $SNEK’s community-driven approach aligns with IO’s mission to foster such innovations on Cardano. $SNEK, launched in April 2023, has grown into the most traded token on Cardano after ADA, contributing 16% of the network’s lifetime trading volume. The project has over 40,000 holders, is integrated with over 60 decentralized apps, and has attracted over 80,000 followers on social media. Beyond its popularity, $SNEK is also contributing tangible value through initiatives like Snek.fun, a token launchpad, and Snek.energy, which offers branded consumer goods and has already passed $500,000 in sales. The partnership with IO is seen as a catalyst for further expansion within the Cardano ecosystem.

The Cardano community has been shaken by a dispute between the project’s founder, Charles Hoskinson, and a decentralized finance (DeFi) protocol called Optim Finance. According to Hoskinson, Optim financed a slander campaign against him, accusing him of adding code to Cardano’s Allegra update that would allow him to redirect $600 million worth of ADA tokens without a community vote. Hoskinson denied these accusations and cut ties with Optim Finance, leading to a significant drop in the value of Optim’s native asset, O. The dispute has raised concerns about the relationship between the project and its ecosystem developers, with some community members deeming Hoskinson’s response detrimental to the ecosystem’s growth. Despite the controversy, Cardano investment products have seen positive inflows, with $0.1 million in inflows in recent weeks, indicating continued investor interest in the project.