Cardano Whales Boost Activity Despite Price Under $0.28
Cardano (ADA) whales and sharks have been active in the market, driving up transactions even though the price remains below $0.28. Data from Santiment shows a significant drop in ADA transactions on August 14, but over the past 24 hours, there has been a resurgence in transactions by whales and sharks. Addresses with ADA holdings between 100,000 and 10 million have also increased, along with the number of whales holding 10 million to 100 million coins. These movements are noteworthy considering that Cardano’s price has been declining since July 20. Despite the current bearish market conditions, whales and sharks have accumulated around $116 million worth of ADA in the past two months, reaching a 16-month high. As a result, ADA’s 24-hour trading volume has seen a 63% rise, with a total market capitalization of $9.77 billion.
Key Points:
– ADA transactions worth at least $100,000 and transactions worth at least $1 million dropped on August 14 but gained traction again over the past 24 hours.
– The number of addresses with ADA holdings between 100,000 and 10 million has increased.
– The number of whales holding 10 million to 100 million ADA coins has also grown.
– Despite a decline in Cardano’s price since July 20, whales and sharks have accumulated around $116 million worth of ADA in the past two months.
– ADA’s 24-hour trading volume has witnessed a 63% rise, reaching $202 million with a total market capitalization of $9.77 billion.
Hot Take:
Cardano’s recent whale and shark activity amidst a declining price indicates that there is still significant interest in ADA despite market conditions. The accumulation of ADA by large holders suggests confidence in the long-term prospects of the coin. Increased transactions and trading volume also indicate active participation in the Cardano ecosystem. It will be interesting to see how these developments impact ADA’s future price movements and overall market sentiment.
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