The largest Cardano addresses on the network have accumulated nearly 200 million tokens, according to the latest data from on-chain analytics firm Santiment. This data is refreshed for altcoin holders with seven months of dumping experience.
Whale target altcoin: Cardano (ADA)
On-chain data provided by Santiment shows that ADA whales have been actively selling their holdings since December 2021, while the trend has only changed a few weeks ago. . The change in trend is most likely due to Cardano’s oversold levels. Santiment shared the following on his Twitter account:
Cardano whale addresses holding $1 million to $10 million ADA have been accumulating their bags in the last 5 weeks after a 7-month dumping period (-$1.7 million less ADA) ( $196 million more ADA). The 9th largest market cap asset has recently reached such low prices in February 2021.
The tremendous growth of the DeFi industry, according to experts, is Cardano’s TVL Whale tracked the change in the movement of funds at their addresses, as it exceeded $300 million locked in various platforms and smart contracts.
Cardano (ADA) price performance
While whales are actively staking ADA, as we’ve covered in cryptokoin.com news, according to the daily chart provided by TradingView, the price of the underlying Cardano asset shows no interest. It doesn’t seem to pull. As the chart shows, ADA has lost 35% of its value since hitting the local high on April 1.
However, according to crypto analyst Arman Shirinyan, the correlation between the same metric and ADA’s price action in the August-April range is fully consistent with the movement of funds in major ADA wallets, although the difference can be clearly seen with the current funds distribution of whales in the market.
Price performances based on such a trend suggest strong control over ADA by whales as they determine the crypto’s movement. The analyst states that the trading volume seen in March and April does not change Cardano’s long-term direction. Ranking 9th on CoinMarketCap in terms of market cap, the altcoin was trading at $0.7693 with a daily loss of 0.35% at the time of writing. ADA is 75.13% down from its all-time high of $3.10 it saw 8 months ago.
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