Cardanoย (ADA) Whales Selling Over a Billion ADA
Recent on-chain data outlines that Cardanoย (ADA) whales have been selling more than a Billion ADA in the lastย week, indicating that the pain may not be over for the asset. August was a tough 30ย days for Cardanoย (ADA), with a decline of over 18%. Unfortunately, September has not brought better news, as ADA continuesย to struggle around its lows. Asย ofย now trading below the $0.26 level, the cryptocurrencyโs price action has been stagnant. The wholeย lotย 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 assetโs recovery. Regardlessย of being the seventh- largest digitalย currency, Cardanoย (ADA) is at risk of dropping down in rank if this trend continues.
Cardanoโs Ranking at Risk
Regardlessย of its decline, Cardanoย (ADA) still holds the seventh spot in terms of market cap in the digitalย currency sector. Nonetheless, the gap between Cardanoย (ADA) and Dogecoinย (DOGE), the eighth- largest asset, is narrowing, putting Cardanoโs ranking at risk. If the bearish movement from the whales continuesย and Cardanoย (ADA) fails to see positive changes soon, it is likely that the digitalย currency will slip below Dogecoinย (DOGE) in the near future.
Hot Take
The wholeย lotย of sell-off by Cardanoย (ADA) whales indicates a lack of confidence in the assetโs recovery. This can be concerning for ADA holders as it impliesย that some of the largest holders doย not believe the asset will bounce back soon. If Cardanoย (ADA) fails to turnย the tide and regain positiveย trend momentum, its ranking in the digitalย currency sector couldย be in jeopardy.
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