Grayscale’s Allocation Toward Cardano (ADA) Now Stands at Over 30% -Breaking
- Grayscale appears to have been participating in the ADA accumulation drive for the past two weeks.
- Cardano’s Vasil Hard Fork is sparking excitement and even FOMO in the crypto space.
- Grayscale might also feel motivated to buy ADA because of its rich history with hard fork events.
On June 7, crypto influencer Dan Gambardello tweeted that “Grayscale has increased [its]Allotment towards the Smart Contract Platform Ex-Ethereum Fund. Now, 32.33% This speaks volumes.”
Shares of fund components Source: Twitter (NYSE)
Grayscale may be participating in Cardano (ADA), the accumulation drive that has been observed with most crypto whales the last few weeks. ADA has been one of the top-most held tokens in recent weeks among the wealthiest crypto whales. Cardano remains one of most popular crypto projects in spite of the current bear market.
Cardano’s Vasil Hard Fork event just around the corner is also sparking excitement and even FOMO in the crypto space. In a tweet posted on June 6, user BTCC stated that “thanks to the excitement surrounding the upcoming Vasil Hard Fork, ADA surged over 20% to become one of the best-performing cryptos last week.”
Grayscale might also want to buy ADA because of its rich history with hard fork events. Cardano’s “Mary” hard fork in March of 2021, for example, led to a 1,600%-plus price boom. ADA’s “Alonzo” upgrade in September of 2021 was also a great success, leading to a 200%-plus price rally.
ADA now has a market value of $0.5874. It experienced a 7.88% decline in the price within the past 24 hours. The high was $0.6398. Over the week, the price of crypto dropped 10.76%.
ADA’s 24-hour trading volume is up by 25.63% and currently stands at $1,226,401,922.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. This article is not intended to be used as investment advice. CoinQuora urges users to conduct their own research prior to investing in cryptocurrency.