Famous Bitcoin and altcoin analyst Ali Martinez talked about Cardano (ADA) in his social media account. The cryptocurrency phenomenon stated that whales have transferred a significant amount of ADA in the past week.
According to Martinez’s share, altcoin whales with 10-100 million ADA have moved more than 1 billion tokens to their wallets. The market value of the amount in question is approximately 260 million dollars.
#Cardano whales have sold or redistributed roughly 1.02 billion $ADA over the past week, worth around $265 million. pic.twitter.com/5HuEyj2HB4
— Ali (@ali_charts) September 7, 2023
According to on-chain data, investors with 100-100 million ADA control 33% of the total supply. This is not good news for cryptocurrencies, which are supposed to be decentralized by nature.
The well-established altcoin unit has not yet recovered from its long-standing downtrend. ADA, which saw the level of $ 0.45 in April, is currently finding buyers at $ 0.25.
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