- Cardano network’s capacity would increase to 80KB with update from developers at Input Output Hong Kong.
- Massive demand from whales creates a demand wall for Cardano, this could prevent the altcoin’s price from dropping.
- The changes are scheduled to go live on February 4, boosting Cardano’s throughput.
- Analysts believe if Cardano price trend remains same as last two days, the altcoin could hit new all-time high in March.
Input Output Hong Kong’s next parameter update for the Cardano network is set to increase the network’s capacity and throughput. This has created a spike in demand for Cardano with a 15,000% increase in whale wallets.
Cardano demand skyrockets with massive demand wall
Developers of the Cardano network, Input Output Hong Kong, are working on a new upgrade for the Ethereum-killer. The upgrade would boost the throughput of transactions on the network and boost capacity.
An 11% increase in capacity and higher memory units per transaction together improve the “real world” performance of Cardano. The upgrade is set to go live on the Cardano mainnet on February 4, 2022.
Based on data from crypto intelligence platform IntoTheBlock, there is a 15,000% increase in the number of Cardano wallets holding between 10,000 to 1,000,000 ADA since December 2021.
A rise in the number of Cardano whales combined with massive demand from traders is set to fuel a bullish narrative for the altcoin’s price. Analysts believe that the demand wall could ensure that Cardano price does not plummet.
@ali_charts, a crypto analyst and trader, is of the opinion that Cardano price has found stable support and demand from 341,500 addresses that could prevent the altcoin from dipping lower.
FXStreet analysts have evaluated the Cardano price trend and noted that the altcoin’s price has great upside potential and is preparing for a rebound.
Read More: Crypto investors rush to buy ADA as Cardano increases overall capacity with higher block