In a notable development, Cardano's influential investors, known as "whales," have substantially increased their ADA holdings by 11% over the past month. This significant accumulation of tokens comes despite the cryptocurrency market's recent sluggishness. According to ITB's latest findings, Cardano whales, who hold between 100 million and 1 billion ADA, now command 6.71% of the entire token supply, underscoring their considerable influence within the Cardano ecosystem.

Historically, surges in whale activity have been associated with potential price reversals, hinting at shifts in market sentiment. However, contrary to this trend, ADA's price has closely mirrored the broader market movement, with a recent 6% surge in the past 24 hours, reaching $0.456 at the time of writing. Experts predict that ADA could potentially replicate its 2021 surge, with targets set as high as $7.80. Some analysts even foresee a short-term price increase to $1.70, potentially leading to a "parabolic" peak of $10, reflecting strong confidence in Cardano's growth prospects.

Speculation about Gemini potentially listing ADA has also sparked excitement, with a popular post from the exchange fueling hopes of a significant price rally. If the US-based cryptocurrency exchange proceeds with listing ADA, it could trigger a substantial price increase for the token.

However, despite the optimistic price projections, user activity on the Cardano network has been declining since March, with daily transactions and active addresses decreasing significantly. Data compiled by Artemis shows that daily transactions have dropped to around 50.7k, compared to almost 96k recorded two months ago. Daily active addresses have also followed a similar trend, briefly dipping below 24k this month. These declines in user activity raise concerns about the network's current usage and adoption rates, despite the positive sentiment surrounding Cardano's price potential.