Cardano ($ADA) Becomes a Top Holding for $BNB Whales as Vasil Hard Fork Approaches

Cardano ($ADA) has regained its position as one of the top 10 holdings of whales on the BNB Chain  (which was formerly known as the Binance Smart Chain) as investors are betting on the cryptocurrency ahead of its highly anticipated Vasil hard fork.

According to a tweet shared by whale monitoring service WhaleStats, Cardano has entered the top 10 holdings of the 2,000 biggest whales on the BNB Chain in the last 24-hour period. The cryptocurrency is notably not on the top 10 holdings of the 100 largest addresses, which have significant exposure to stablecoins, BNB, and tokenized Ethereum.

It’s worth noting that Cardano held by BNB Chain whales is a tokenized version of the cryptocurrency on top of that blockchain, and not native ADA tokens held on the Cardano blockchain.

 The Vasil hard fork is a major upgrade that will involve several Cardano Improvement Proposals (CIPs). As reported, the total market capitalization of ADA surged to surpass the $17 billion mark ahead of the network’s highly-anticipated hard fork, which is expected to deliver a “massive performance improvement.”

Notably, the cryptocurrency community is expecting the price of Cardano’s ADA to surge around 35% during the month of September over the Vasil hard fork. Data from CoinMarketCap’s price estimate features shows nearly 14,000 users predicted the cryptocurrency’s price for the end of the month, expecting ADA to trade at $0.62 then.

The community is less bullish toward the end of the year, expecting ADA to trade at around $0.49 when 2022 comes to a close. For the end of October, the cryptocurrency community sees ADA trade at $0.556, meaning users are predicting a short-term rally followed by a correction.

Cardano has also recently been listed on the popular commission-free trading platform Robinhood, which allows users to buy a number of financial assets including equities, options contracts, and cryptocurrencies.

Robinhood’s listing announcement on social media implies Cardano was added to the platform in response to customer demand. Robinhood’s listing notably means that Cardano is now available to the platform’s 13.2 million monthly active users, which could boost its liquidity.

Source : cryptoglobe

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