Are Cardano Whales Dumping 1.02 Billion ADA Tokens, Indicating Further Troubles?

Are Cardano Whales Dumping 1.02 Billion ADA Tokens, Indicating Further Troubles?


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.

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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.

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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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Are Cardano Whales Dumping 1.02 Billion ADA Tokens, Indicating Further Troubles?
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Newt Bettec emerges as an intellectual voyager at the intersection of crypto analysis, meticulous research, and editorial mastery. Within the digital labyrinth of cryptocurrencies, Newt’s intellect traverses intricate corridors, resonating with seekers of diverse inclinations. His talent for unraveling complex threads of crypto intricacies seamlessly blends with his editorial finesse, transmuting intricacy into an engaging tapestry of understanding. A guiding star for both audacious explorers and curious neophytes journeying through the crypto galaxy, Newt’s insights forge a compass for insightful decision-making amidst the ever-evolving universe of digital assets. With the precision of a wordsmith, they craft a narrative that enriches the evolving chronicle of the crypto cosmos.

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