On the eve of a large-scale update of the Cardano cryptocurrency, large token holders expect a sharp increase in demand

The hard fork, dubbed Vasil, could speed up block creation and improve the scalability of the Cardano decentralized application ecosystem. It will also enable interoperability between Cardano sidechains. The fork is expected to go live at the end of this month after it was successfully integrated into the test network on July 4.

Against this backdrop, the behavior of the sharks and whales looks particularly noteworthy. Interestingly, addresses containing between 10,000 and 100,000 ADAs, also called «sharks,» have added 79.1 million tokens (~$ 37.7 million as of July 9) to their reserves since June 9.

Meanwhile, Cardano’s whales, which hold between 100,000 and 1 million ADA, have stopped selling and also prefer to accumulate tokens with them.

The sentiment of the whales and sharks supporting ADA contrasts with technical indicators that suggest that there are even more problems ahead. Many market analysts agree with this.