Whales Scoop Up 2.35% of Cardano’s Supply, $2 Within Reach?

Altcoins were shining throughout the last couple of months. Following renewed interest in exchange-traded funds (ETFs) assets like Litecoin (LTC) and Cardano (ADA) were seen shinning. The Cardano market in particular caught the attention of large investors or whales. While this is considered a bullish sign, the asset’s latest drop in price suggests otherwise. Can the altcoin step up?

Also Read: Bitcoin: Goldman Sachs Increases BTC ETF Holdings By 121%

Diving Into The Cardano Market

Over the past 24-hours, ADA went from trading at a high of $0.8145 to a low of $0.7562. During the time of writing, the altcoin was trading at $0.7891. Cardano’s yearly gains stand at nearly 50%. Despite its growth, the asset remains 75% below its all-time high of $3.10.

The latest downfall came as a shock to the industry. But data from Santiment revealed that Cardano’s market value increased by 11% during the short-term downturn. One of the primary causes for this is the accumulation activity of whales in the ADA market. Since November 2023, the amount of ADA in wallets with at least one million ADA has increased gradually, reaching 1.41 billion ADA. This is 2.35% of the whole Cardano supply, which gives whales and institutional investors more confidence.

In addition, Santiment claims that from the start of this accumulation spree, Cardano’s price has increased 107% in spite of market instability.

Also Read: Gold Hits New Peak, Peter Schiff Questions Bitcoin’s ‘Digital Gold’ Claims

Will $2 Turn Into Reality?

It seems like the Cardano market will have to wait longer to see the asset surge to a high of $2. According to CoinCodex, it is projected that Cardano will trade in a range of $0.696086 to $1.900281 in 2025, resulting in an average yearly price of $1.18845. In comparison to the present rates, this may yield a possible return on investment of 141.32%. While this is a major uptick from its recent price, it is slightly below the desired $2 milestone.