Despite growing adoption and whale accumulation, the crypto community anticipates a Cardano price decline in April

The cryptocurrency community anticipates that the price of smart contract platform Cardano ($ADA) will decline during April, despite the platform’s expanding adoption and billionaires’ accumulation of the network’s native token.

Over 800 users of CoinMarketCap’s cryptocurrency price estimates predicted, on average, that ADA would conclude the month of April trading at $0.37 per token, a 7% decrease from its present price of around $0.3989 per token.

According to the platform, the community’s historical accuracy is just over 59%, with recent data indicating that it reached approximately 80% in January and February 2023, up from 6.8% in December. In March, it was 96.5 percent.

Even though Cardano is experiencing a surge in purchasing activity from large investors, also known as “whales,” the outlook is negative. In the past month, these large token holders have acquired a total of 150 million tokens.

According to data shared by crypto analyst Ali Martinez of blockchain analytics platform IntoTheBlock, Cardano billionaires holding between 1 million and 10 million ADA have been on a purchasing binge, amassing over $57 million worth of the smart contract platform’s native token in the past few weeks.

As reported by CryptoGlobe, data from Input Output Global (IOG), the company responsible for Cardano’s research and development, indicates that the network has been extensively adopted by developers, with over 1,200 projects currently being built on top of it.

On the Cardano blockchain, over 8 million native assets have been created, nearly doubling the figure from May 2022, when 5 million were created. Notably, the Cardano network began facilitating these assets on March 1, 2021.

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