Binance Whales Chased This Altcoin!

According to whale watching platform WhaleStats, Cardano (ADA) is in the middle of the top 10 altcoins that Binance whales buy the most. Additionally, Santiment says that Cardano has received a lot of negative sentiment from the crypto community lately.

Binance whales chase Cardano (ADA)

WhaleStats is a whale tracker that tracks the biggest wallets on BNB Chain, Ethereum and a few other Blockchains. This whale watching platform shared that Cardano (ADA) is one of the top 10 most bought altcoin projects amid the largest wallets in BSC. At press time, the largest Binance whales are holding ADA at $5,255,140.

It’s in the middle As you followed, BNB Chain was hacked. The attacker managed to steal half a billion dollars worth of crypto. In this attack and theft, the cross-chain on BNB Chain used a bridge.

Binance CEO CZ said the exchange team was able to reduce the loss to just under $100 million and BSC itself was not harmed. CZ also noted that the community’s trust in Binance and Blockchain is extremely strong.

How is the investor sentiment for Cardano?

According to a new Santiment report, Cardano has been getting a lot of negative sentiment from the crypto community lately. Now, the negative sentiment is attributed to ADA’s falling price on the charts. However, it is possible that a rise in the price of ADA and a positive response to the Mithril update will help tip the altcoin project in favor.

ADA, along with other cryptocurrencies, has been the target of negative trade sentiment over the past few weeks. Here, the ADA is down more than 2% in a 7-day timeframe. It is also worth noting that the crypto still has not exceeded $ 0.5. Therefore, with a recovery in the price of ADA, some positive sentiment in favor of Cardano is expected to be revived.

However, price won’t be the only element that will help Cardano’s popularity. It’s possible that Cardano’s Mithril update, which is still in development, might be of interest to the crypto community as well. Mithril update is a research project whose aim is to provide Share Based Threshold Multi-Signatures on top of Cardano network. A number of stakepools, such as the FRCA stakepool, have essentially implemented the Mithril Signer node on their preview-testnet pool nodes. The response from the stakepools was positive. Therefore, it is possible that this update will play a valuable role in getting Cardano positive attention from crypto investors.

Cardano’s revenue has been on the decline for the past 30 days, although Paypools have voiced their excitement about the new update. In fact, compared to Staking Rewards, the total revenue from staking ADA dropped by 14.08%. Cardano will need to effectively implement the Mithril update to see some growth in this regard and attract the attention of the staking community.

The ADA still has a long way to go. However, its short-term future saw some bearish signs last month. As can be seen from the charts below, Cardano’s volume has been declining in the last 30 days. In fact, it has lost 50% of its price since Sept. In the middle, the MVRV rate is also on the decline. One-to-one remained in negative territory for most of the previous month. This may be perceived as a bearish sign by potential investors and traders.

Source: Santiment

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