Big investors stockpile Cardano tokens despite a possible drop in April. IOG launches Lace: a browser-based wallet.
- Cardano whales buy high sums of ADA tokens. Large Cardano holders have bought 560 million ADA.
- Increased accumulation of ADA by institutional investors suggests a bullish outlook for the cryptocurrency.
- IOG, developers of Cardano, introduce a browser-based wallet: Lace.
Institutional investors Hoarding Cardano. Despite the lackluster performance of the Cardano (ADA) price since the beginning of the month, large holders of the cryptocurrency, known as “whales,” have continued to buy and accumulate tokens on the cryptocurrency network over the past two weeks. Learn in this post here how to track whale movements.
According to Ali Martinez, a cryptocurrency expert, large Cardano holders have purchased 560 million ADA tokens, representing an impressive value of $218.4 million according to blockchain data.
This pattern suggests a solid bullish outlook for digital assets and speaks to a growing interest in Cardano among institutional investors and wealthy individuals. Cardano has rapidly become a competitor to Ethereum (ETH) and other major market players. However, the current buying binge has translated into higher prices for ADA. The whales have been boosting their cryptocurrency portfolios by taking advantage of a recent price drop.
Cardano ADA Price
Along with other digital assets, Cardano’s price increased as the cryptocurrency market as a whole recovered. As a result, the price of Bitcoin, the leading cryptocurrency, surpassed the $30,000 barrier for the first time in ten months. According to Martinez, if the ADA price can break through a crucial level that currently harbors a “colossal sell wall” consisting of 3.85 billion tokens sold, it would likely begin a bull run. The wall lies between $0.40 and $0.42.
Notably, the cryptocurrency community anticipates a decline in ADA’s price in April despite continued growth in adoption and whale accumulation of the network’s native token. Users who provided price predictions projected that ADA would end April trading at $0.37 per token, a substantial decline from its current price level, on average, according to participants.
Cardano launches new native browser wallet
The Cardano blockchain is welcoming its first native web browser-based wallet. On Tuesday, input Output (IOG), the development company behind Cardano, unveiled a new wallet for the ecosystem called Lace, allowing users to access Web3 and decentralized finance tools (DeFi) easily.
The new product is available as a browser extension app, similar to Ethereum’s MetaMask wallet. Users can send and receive Cardano digital assets through Lace, including native ADA, tokens, and NFTs. They will also be able to access and use Cardano decentralized applications (DApps) and staking ADA directly from the wallet.
With the first version of the wallet, “you can even send multiple assets to different addresses in one transaction, with one transaction fee, thanks to the new bundle transaction feature,” which groups transactions to save costs, the Lace official website says. In addition, the product can connect with hardware wallets (which store cryptos without an Internet connection).
You’ll get additional security with hardware wallet integration and seamlessly connect to NFT marketplaces, DApps, and DeFi services with the DApp connector. IOG developers advanced plans to add fiat on-ramps to cryptocurrencies, a DApp store, and exchanges within the wallet. The company is also working on a desktop app and digital identity solutions and plans to add more features to provide a richer staking experience with multiple delegations.
Conclusion
While this is Cardano’s first browser-based wallet, users already have access to Yoroi, a lightweight native Cardano wallet. Emurgo develops the wallet and provides blockchain infrastructure. The Lace 1.0 extension is currently available for download in the Google Chrome web store. ADA, Cardano’s native cryptocurrency, rebounded in price following IOG’s announcement. The token rose nearly 5%, reaching a high of USD 0.41 during morning hours, although it has since corrected slightly. The rally aligns with a widespread rise in the cryptocurrency market that took Bitcoin above $30,000.