Cardano Retains Position As Top Holding For BNB Whales
Like the upcoming Ethereum Merge, the Cardano community is betting on the network’s progress as the Vasil hard fork upgrade approaches.
Among the Top 10
Cardano is currently back in the top 10 holdings for crypto whales on the BNB Chain. Before its name change, BNB Chain was known as Binance Smart Chain.
As the countdown to the long-awaited Vasil hard fork continues, investors are banking on the prospects of the crypto token.
The crypto whale tracking platform WhaleStats, posted on Twitter, shows Cardano is now part of the top 10 holdings for whales. In addition, it is part of the 2,000 largest whale holdings on the BNB Chain over the past 24 hours. However, the token is not among the top 10 holdings on the most prominent addresses. The 100 addresses have more exposure to BNB, stablecoins, and tokenized ETH.
Furthermore, Cardano tokens held by BNB whales also have tokenized versions. They are not the original ADA coins from the Cardano Blockchain Network.
With the Vasil hard fork upgrade, Cardano aims to activate the Cardano Improvement Proposal (CIPs), which will further scale the network.
Industry experts believe that the Vasil hard fork would be a turning point for Cardano. The upgrade is named in memory of the late Bulgarian mathematician and a member of the Cardano community, Vasil Dabov.
It is one of the development plans that, alongside another hard fork, will usher in the transition to Basho, the fourth development strategy.
Moreover, the upgrade framework has five CIPs. However, Vasil’s hard fork aims to integrate features geared toward improving the core areas of the network.
Cardano Community Predicts Price Surge
Just as other protocols are looking forward to their major upgrade, the Cardano community is also anticipating the Vasil hard fork. The community saw a sudden price surge in September due to the possible upgrade. According to CoinMarketCap data, close to 14,000 users of ADA have predicted the token’s price to rise to $0.62 this month.
The community, however, is less expectant of price rises towards the end of the year. They expect the value of ADA to drop to $0.49 at the end of the year. By the end of October, the crypto community sees ADA trading at $0.556, which implies a brief rally accompanied by a market correction.
In another development, Robinhood has also listed Cardano on its trading platform. The popular zero-commission trading app allows users to buy digital financial products like equities and cryptocurrencies.
A recent report shows that due to customer demand, Robinhood added Cardano to its listed assets. Cardano is now available to Robinhood’s 13.2 million active users. For Cardano, the listing is a welcome development as it would boost the tokens’ liquidity.
Cardano is, like most significant protocols, on an upgrade drive. The changing landscape of the crypto industry calls for structural changes that networks are undergoing to level up with others.
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