Logo
Cardano Ecosystem

Coinpedia

01/30/2023

·

261 views


ADA Whales Take Profit, Dump Millions: Cardano Sees Major Sell-Off

Cardano, which is a proof-of-stake blockchain network and a rival to Ethereum, has seen a decrease in the amount of ADA that major wallet holders are holding.Whales Are Selling Off ADAWhales who formerly held...

ADA Whales Take Profit, Dump Millions: Cardano Sees Major Sell-Off
cardano whales

Cardano, which is a proof-of-stake blockchain network and a rival to Ethereum, has seen a decrease in the amount of ADA that major wallet holders are holding.

Whales Are Selling Off ADA

Whales who formerly held between one million and one hundred million ADA tokens have recently sold off their Cardano holdings, most likely as a consequence of profit-taking after the rebound in January.

The fact that the price of Cardano’s native token, ADA, has just approached the level of $0.38 per token has prompted a response from Cardano billionaires, as shown by statistics from the cryptocurrency analytics platform Santiment.

Over a week has passed since the ADA price initially hit that mark, and in that time, it has increased by a further 5%. However, as of this writing, the token is down more than 3% in the last twenty-four hours.

According to the statistics provided by Santiment, investors with stakes in the Cardano token are between one million and one hundred million ADA began selling their holdings on January 21.

Their total number has decreased by 31, which, taking into account the size of the market, indicates that at least 31 million ADA have been released into circulation.

The chart that follows demonstrates how whales have sold off their holdings, not just in recent times but also in the past, in order to make a profit when the price of an asset has reached a regional high point.

Despite negative efforts to decrease the price, ADA has been on a bullish trend since the beginning of the year, hitting an annual high of roughly $0.39. The $0.40 price level is a significant barrier for ADA bulls. If ADA can break over this resistance, it will continue rising, likely to $1. Right now, it is at $0.38.

Was this writing helpful?

No Yes

Photo of Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

AD

SNEKbot by DexHunter on CARDANO

Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!


Read Original Article on Coinpedia

ORIGINAL SOURCE

https://coinpedia.org/altcoin/ada-whales...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


Genius Yields DEX Launched!

More from Coinpedia

See more
This Move May Push Cardano to the Ninth Spot as AVAX Prices Rise--Will This Happen?
Coinpedia
This Move May Push Cardano to the Ninth Spot as AVAX Prices Rise--Will This Happen?

03/18/2024

·

18 views

Related News

See more
Genius Yields DEX Launched!

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)