Cardano Sharks and Whales Amass 420M ADA in High Accumulation Campaign

Cardano (ADA) shark and whale addresses have continued to augment their holdings, accumulating more tokens despite ADA’s struggling performance.

Cardano (ADA) is witnessing a notable surge in accumulation activities by whales and sharks, according to the latest data from Santiment, a leading crypto market data provider. This accumulation pattern coincides with a remarkable surge in on-chain transaction volume.

Notably, the accumulation from whales and sharks holding between 100,000 to 10 million ADA has surged to its highest level since September 2022. These addresses have collectively acquired $116.1 million worth of ADA since May 21, amounting to 420 million ADA at an average price of $0.28.

🐳🧐 As #Cardano sits just above $0.29, whales and sharks holding between 100K-10M $ADA have accumulated back to their highest level since September, 2022. Additionally, #onchain transaction volume has been rising nearly every week for the past 6 months. https://t.co/x9mUHDIhnx pic.twitter.com/X9WphDpPvy

— Santiment (@santimentfeed) August 8, 2023

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The accumulation pattern gained significant momentum in early June, coinciding with a drop in ADA’s price from the $0.35 range. These addresses continued their accumulation efforts throughout this period, taking advantage of the asset’s dip to $0.22 on June 10. 

This strategic move aligns with a robust buy-the-dip campaign as these investors seize the opportunity to increase their ADA holdings. As a result, they now hold 34.04% of ADA’s total circulating supply, translating to about 11.92 billion ADA.

Moreover, a disclosure from prominent trader Ali Martinez corroborates this data. Ali pointed out that Cardano whales holding between 1 million and 10 million ADA have continued to augment their balances, amassing 130 million ADA over the last month.

#Cardano whales have purchased around 130 million $ADA over the past month, worth over $39 million! pic.twitter.com/iu0r1kUsq0

— Ali (@ali_charts) August 8, 2023

ADA On-chain Volume Surges

Per Santiment data, this accumulation pattern persists amid a remarkable surge in on-chain transaction volume for Cardano over the past six months. 

July witnessed a notable milestone, with the on-chain volume reaching an impressive 67 billion ADA. This figure stands as the highest observed since September 2021.

As Cardano maintains its position slightly above $0.29, these accumulation efforts by whales and sharks underscore strong confidence in the asset’s long-term potential. Specifically, ADA is trading for $0.2980 as of press time, up 1.36% over the past 24 hours.