Cardano Whales Selling Over a Billion ADA
Recent on-chain data reveals that Cardano whales have been selling more than a billion ADA in the past week, indicating that the pain may not be over for the asset. August was a tough month for Cardano, with a decline of over 18%. Unfortunately, September has not brought better news, as ADA continues to struggle around its lows. Currently trading below the $0.26 level, the cryptocurrency’s price action has been stagnant. The significant selloff by these influential holders, who have distributed 1.02 billion ADA (worth around $260 million) in the recent selloff, indicates a lack of confidence in the asset’s recovery. Despite being the seventh-largest cryptocurrency, Cardano is at risk of dropping down in rank if this trend continues.
Cardano’s Ranking at Risk
Despite its decline, Cardano still holds the seventh spot in terms of market cap in the cryptocurrency sector. However, the gap between Cardano and Dogecoin, the eighth-largest asset, is narrowing, putting Cardano’s ranking at risk. If the bearish movement from the whales continues and Cardano fails to see positive changes soon, it is likely that the cryptocurrency will slip below Dogecoin in the near future.
Hot Take
The significant sell-off by Cardano whales indicates a lack of confidence in the asset’s recovery. This can be concerning for ADA holders as it suggests that some of the largest holders do not believe the asset will bounce back soon. If Cardano fails to turn the tide and regain bullish momentum, its ranking in the cryptocurrency sector may be in jeopardy.
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