Cardano whales finally seem to strike again
The price of cardan (ADA) has actually plummeted in an almost straight line since its peak in the summer of last year. While the beautiful milestone of $3 was broken at the time, ADA is now trading at around...
The price of cardan (ADA) has actually plummeted in an almost straight line since its peak in the summer of last year. While the beautiful milestone of $3 was broken at the time, ADA is now trading at around $0.79. Large cardano investors, the so-called whales, however, seem cautiously prepared to stockpile on a large scale. Perhaps the soon this long downtrend will finally come to an end.
Cardano whales
Data from the crypto research agency Santiment shows that the number of cardano addresses that has between 1 and 10 million ADA on the balance sheet has increased significantly lately. These addresses have added a whopping 196 million ADA to their accounts over the past five weeks. This broke a months-long trend in which the same investors sold millions of ADA tokens.
#cardano whale addresses holding 1M to 10M $ADA are accumulating their bags these past 5 weeks (196M more $ADA) after a 7-month stretch of dumping (-1.7M less $ADA† The 9th largest market cap asset recently hit prices last this low in February, 2021. https://t.co/co8BcqHJAF pic.twitter.com/OXpbu3KSXp
— Santiment (@santimentfeed) May 3, 2022
According to Santiment, one can therefore now also speak of a phase of accumulation. That is important for the price of ADA in the future. Whales are the ones with the deepest pockets and therefore have the most influence over the course. If they hit on a large scale, that is simply a very positive signal for the future. It shows that major investors are willing to buy at the current price point.
ADA rate
That current price point is now quite low. This is of course partly because the entire crypto markets are deeply in the red and the sentiment in the market can be called quite deplorable. Behind the scenes, however, things are going quite well with the Cardano network. Update after update is being launched and there are still important changes on the agenda in the near future.
The number of Cardano users and new projects on the network has also grown at a rapid pace in the last few months. In just a month’s time, more than 400 new projects at† This shows that, despite ADA’s low price at the moment, developers have high hopes for the project in the future.
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