Crypto investors rush to buy ADA as Cardano increases overall capacity with higher block size – FXStreet
Ekta Mourya FXStreet Input Output Hong Kong’s next parameter update for the Cardano network is set to increase the network’s capacity and throughput. This has created a spike in demand for Cardano with a 15,000% increase in whale wallets. Developers of the Cardano network, Input Output Hong Kong, are working on a new upgrade for the Ethereum-killer. The upgrade would boost the throughput of transactions on the network and boost capacity. An 11% increase in capacity and higher memory units per transaction together improve the “real world” performance of Cardano. The upgrade is set to go live on the Cardano mainnet on February 4, 2022. Investors appear to be bullish on all the solutions that Cardano is implementing to scale the network, which can be seen from an on-chain perspective. Data from blockchain analytics firm Santiment shows that the number of addresses holding 10,000 to 1,000,000 ADA has skyrocketed by a whopping 15,000% since December 2021.
ADA Supply Distribution The spike in ADA holders combined with massive demand from traders could fuel a bullish impulse for the token's future price. Some of the most renowned traders in the industry, such as Ali Martinez, believe Cardano sits on top of a crucial support wall that might ensure prices do fall below $1. #Cardano found stable support!@intotheblock's IOMAP shows that 341,500 addresses had previously purchased 7.65 billion $ADA at an average price of $1.
Such a massive demand wall may have the strength to prevent #ADA from dipping lower. pic.twitter.com/htsYt6VaMw FXStreet analysts have also evaluated Cardano's price trend and noted that the ADA has great upside potential and is preparing for a rebound.