Cardano's Price Surges 20% as Whales Accumulate $31.6 Million in ADA

Cardano has recently experienced a surge in on-chain activity as whales have accumulated 40 million ADA, valued at approximately $31.6 million. This significant buying pressure has contributed to a notable increase in Cardano’s price, which has risen by 20% over the past week, reaching $0.7942 at the time of writing. This price surge has positioned Cardano as the ninth-largest cryptocurrency by market value, according to CoinGecko data.

Cardano is currently navigating a critical resistance zone between $0.77 and $0.80, making its next price movement pivotal. The cryptocurrency's recent performance has garnered attention, particularly as it has become one of the top gainers in the Grayscale Digital Large Cap Fund (GDLC). According to a crypto proponent, Cardano is now ranked fourth in Grayscale’s Top 10 Crypto Assets by 1-Week Gains, following Ethereum, SUI, and Dogecoin. This ranking highlights Cardano’s growing exposure to institutional investors, including wealth managers and hedge funds, and reflects heightened confidence in its long-term utility and value.

The GDLC, an investment product by Grayscale Investments, allows investors to diversify their portfolios by including large-cap cryptocurrencies. Cardano’s inclusion in this fund underscores its increasing relevance in the institutional investment landscape. The cryptocurrency’s founder, Charles Hoskinson, has expressed optimism about Cardano’s future, predicting that it will become the fastest cryptocurrency on the planet with the upcoming Ouroboros Leios upgrade. This upgrade is expected to enhance Cardano’s performance and solidify its position in the market.