Cardano (ADA) was one of the hardest hit cryptocurrencies during the recent market crash. It has lost more than 60% of its ATH level so far, bringing most of its investors into the loss zone. The bear trend has caused alarm among altcoin holders. However, not everyone seems to feel that way, as some, most whales, see this as an opportunity to increase their presence. Cryptocoin for details.com keep reading.
Whales collect from altcoin project
A report from analytics firm Santiment shows a broad trend of accumulation among whales when it comes to ADA. Major investors stepped up their buying activity as the altcoin price dropped. One would think that with the depreciation of cryptocurrencies, whales with large holdings would empty their bags to avoid further losses. Instead, these whales see it as a buying opportunity.
The sentiment report shows that the top ADA whales have doubled their presence in the last 10 days. During this time, the price of ADA has lost about 34% of its value. Whale wallets, holding between 10,000 and 1 million ADA, have since at least doubled their previous holdings. In total, these whales collectively purchased $53 million worth of ADA over a 10-day period.
https://twitter.com/santimentfeed/status/1486858953438887938
Most of the Cardano holders remain in red, as shown by data from IntoTheBlock. Altcoin currently has one of the lowest profit rates of all top cryptocurrencies, with only 9% of its holders said to be profitable. While 84% of all Cardano investors continue to struggle as their assets are at a loss, only 7% are holding on to the neutral zone.
The altcoin managed to rally above $3 in an impressive rally last year. However, it’s been a sad story of decline and fall since then. This represents a decrease of about $2 from the ATH value. While the whales’ buying is positive for the altcoin, it’s still too early to tell how long the stop-gap will last.
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