According to data from Santiment, a cryptocurrency whale behavior analysis platform, whales are buying massive amounts from this altcoin project. Here are the details…
Crypto money whales are chasing this altcoin project
Cardano (ADA) price has fallen by about 59 percent in the last 7 months after reaching an all-time high of $3.10 . According to a tweet by Santiment, despite this poor performance of altcoin ADA, the percentage of altcoin ADA supply owned by cryptocurrency whales has increased significantly, reaching its highest level in the last 2 years. Santiment defines ADA whales as wallets holding 10 million ADA (currently about $9.4 million) or more.
As the graph provided by Santiment shows, it was just 14 months ago In early February of this year, ADA whales had about 36.4 percent of the total altcoin supply, which is about 10.2 percent below today’s rate. Since then the percentage has gradually increased from what we see today. According to Coinmarketcap, the total amount of ADA in circulation is 33.7 billion, with a maximum supply of 45 billion.
ADA continues to underperform, but analysts are hopeful
As we reported on Cryptokoin.com, Santiment last week explained how low-mid and high-mid-tier wallets (holding 100 to 100,000 ADA) have been stable. He tweeted a chart showing that he was somehow “accumulating” more altcoins, thereby increasing their supply rates to an all-time high of 16.8 percent as ADA. The Santiment chart also showed that the supply came out of high/whale tier wallets (holding more than 100,000 ADA), with 83.1 percent of the total ADA supply held in these wallets at an all-time low.
As a result, the chart shows the supply rate of low-level addresses (holding 100 ADA or less) to 0.128 percent, up 40 percent from the 0.091 percent supply rate in October last year. showed a steady growth of up to a percentage of However, analysts anticipate a bounce in price, with the altcoin ADA making a good comeback from the recent challenges facing it.
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