Massive Whale Activity, Over $18 Billion Worth of ADA Transactions Recorded on Cardano In 7 Days Amid Price Dip 

Cardano faithful are still expecting positive price movements despite ADA’s current perfomance.

Cardano (ADA) has not brought smiles to the faces of enthusiasts, who had expected positive price action following the Alonzo upgrade that ushered in smart contract functionality in September 2021.

However, contrary to Cardano investors’ expectations, the cryptocurrency has performed badly from its price of over $2 during the time the smart contract feature was introduced.

Many ADA Holders in Losses

ADA, which opened the year around $1.3, has fallen sharply below $1 on numerous occasions. At the time of writing, ADA is changing hands around $0.839 and it is down 0.6% in the last 24 hours, according to data on cryptocurrency aggregator platform Coingecko.

Data from cryptocurrency data provider IntoTheBlock paints a perfect picture of how badly the massive price dip has affected ADA investors.

Per the data, of the total ADA holders, 88% are currently in losses, while only 9% of Cardano investors are in profit. Still, on IntoTheBlock data, only 3% are at breakeven, meaning they are neither in profit nor loss.

With Cardano’s slump in value from what was recorded in January 2022, the ninth-largest cryptocurrency by market capitalization will need to soar over 50% to hit the price recorded at the beginning of the year.

Billions of Dollars Worth of ADA Transactions Recorded

The bearish price of ADA has resulted in a lot of users’ activities amounting to billions of dollars in the last seven days. 

IntoTheBlock data shows that over the last seven days, a total transaction of $18.07 billion consisting of purchases, sales, and staking across various protocols, has been recorded on Cardano over the last seven days. Per the data, none of these transactions are less than $100,000.

Traders Optimistic About Hydra Upgrade

Meanwhile, the bearish price of ADA may seem heartbreaking to many traders, but the team behind the project and most investors still believe the cryptocurrency is yet to reach its full potential. 

This is mainly because of the load of updates and features lined up for the cryptocurrency project. At the moment, Cardano enthusiasts are eagerly anticipating the launch of the Hydra upgrade, which is expected to be deployed on June 29, 2022. 

As teased by Charles Hoskinson, the CEO and founder of Input Output Global, the organization responsible for Cardano research and development, the upgrade will usher in more decentralized application (dApp) developers who will take advantage of the improved smart contract feature. 

If the Hydra upgrade goes live more ADA will be staked across various Cardano protocols, thus causing the price of the cryptocurrency to soar.

At press time, Cardano’s total value locked (TVL) is currently around $200 million, data on DefiLlama shows.