Cardano Whales Accumulate 20 Million ADA Amid Governance Progress  

• Large investors also bought 20 million ADA in the last two days, which indicates that they are waiting for another round of price changes. 
• The Plomin SEP fork could bring the raw on-chain governance for Cardano, boosting up its decentralized ecosystem. 
• The situation in the cryptocurrency market is generally considered positive, ADA price stands below 1 dollar providing an opportunity for an accumulation phase. 

Cardano (ADA) which currently ranks ninth on the list of largest digital currencies based on market capitalization has recorded large whale transactions over the past 48 hours. According to data, large investors have acquired over 20 million ADA during this period, which speaks of the use of the coin.

Governance Enhancements Drive Interest 

The surge in whale activity may be tied to progress on Cardano’s decentralized governance. Recently, Intersect, a key organization in the Cardano ecosystem, announced that the Plomin hard fork governance action has been submitted for ratification. This update marks a pivotal moment for the blockchain’s governance framework, as it integrates full on-chain governance as outlined in CIP-1694. 

It marks the conclusion of the Cardano technical accumulation phase to build up a competitive technical infrastructure and seeks to start a new decentralized and self-governable ecosystem. For this reason, investors might be inclined to think that the company has future growth prospects and long-term sustainability, as Cardano did. 

Timeline for Governance Ratification 

The ratification and enactment of the Plomin hard fork could occur anytime between January 4 and January 29, 2025, depending on the blockchain’s epoch boundary. If successful this should strengthen Cardano’s governance and make it possible to fully decentralise the decision-making processes on the mainnet. 

Cardano and the cryptocurrency market, in general, are recovering as the year draws to an end. ADA has slightly surged its price by 1.75% in the last 24 hours at $ 0.887. Nevertheless, it is still slightly less than $1, and whales interested in opportunities to purchase more of the token at a cheaper price may increase its price even more. 

ADA has since rebounded from a low of 0.85 but has been resistive at around 0.91 and the 50 SMA at $0.949. Pundits recommend that any ADA price rise above these figures may trigger a new upward movement and head towards $1. Penetrating what appears to be a psychological barrier here might bring about a short covering rally to reach more or $1.20. On the downside, it appears that ADA may face a bearish trend if it falls below the $0.76 point, in this regard, the price may test $0.50 levels. 

The rising whale activity and governance upgrades, which are due in the following weeks, make Cardano one of the cryptocurrencies to consider in the future. Apart from enhancing investors’ trust, these developments were a pointer to the growth of the network and the journey the network is likely to take to become a fully decentralized, strong, and efficient blockchain platform.