These Investors Buying Up Cardano (ADA) En Masse, What Is Their Plan?

Cardano (ADA) has become one of the most bought assets by the top 2,000 whales on Binance Smart Chain in the past 24 hours, according to WhaleStats, a portal that tracks the activities of major crypto investors across various networks.

JUST IN: $ADA @CardanoStiftung now on top 10 purchased tokens among 2000 biggest #BSC whales in the last 24hrs 🐳

We’ve also got $BNX, $DOGE & $TWT on the list 👀

Whale leaderboard: https://t.co/gGAxYJttsD#ADA #whalestats #babywhale #BBW pic.twitter.com/kvA1x665Fq

— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) December 4, 2022

This is not the first time in recent weeks that ADA has attracted the attention of BNB holders specifically, and it has regularly been included in such news bulletins. Similar accumulations were previously reported by U.Today in September and November.

The top 100 whales on Binance Smart Chain currently hold 21.4 million ADA, equivalent to $6.87 million. The Cardano token’s share of the total portfolio of this investor group is 0.86%. In total, there are 500,768 Cardano-holding addresses on the BSC network.

This kind of overlap between two different crypto ecosystems may seem strange, but we are talking about whales, so the financial issue obviously comes first. So what opportunity do big investors see in ADA at the moment?

Cardano (ADA) price action

For the past three weeks, ADA has been holding above the $0.3 level, which is extremely positive. In fact, this level is the lower end of the corridor, where the ceiling is located at $0.4.

Source: TradingView

All other things being equal, it could be that the price of ADA has come to its bottom and is now an attractive asset to accumulate. That said, appreciating the relatively low volume of purchases, albeit by whales, one can see some caution in their investment decisions about this asset.