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 (ADA) Whales Selling Over a Billion ADA

Recent on-chain data outlines that Cardano (ADA) whales have been selling more than a Billion ADA in the last week, indicating that the pain may not be over for the asset. August was a tough 30 days for Cardano (ADA), with a decline of over 18%. Unfortunately, September has not brought better news, as ADA continues  to struggle around its lows. As of now trading below the $0.26 level, the cryptocurrency’s price action has been stagnant. The whole lot of 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. Regardless of being the seventh- largest digital currency, Cardano (ADA) is at risk of dropping down in rank if this trend continues.

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Cardano’s Ranking at Risk

Regardless of its decline, Cardano (ADA) still holds the seventh spot in terms of market cap in the digital currency sector. Nonetheless, the gap between Cardano (ADA) and Dogecoin (DOGE), the eighth- largest asset, is narrowing, putting Cardano’s ranking at risk. If the bearish movement from the whales continues  and Cardano (ADA) fails to see positive changes soon, it is likely that the digital currency will slip below Dogecoin (DOGE) in the near future.

Hot Take

The whole lot of sell-off by Cardano (ADA) whales indicates a lack of confidence in the asset’s recovery. This can be concerning for ADA holders as it implies that some of the largest holders do not believe the asset will bounce back soon. If Cardano (ADA) fails to turn  the tide and regain positive trend momentum, its ranking in the digital currency sector could be in jeopardy.

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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.

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