Cardano Whales and Sharks Accumulate More ADA
Despite a 5% decline in price, on-chain data reveals that large investors in Cardano (ADA) have continued to accumulate more of the cryptocurrency. The “Supply Distribution” indicator tracks the percentage of the total supply held by each investor group. The whales and sharks, who hold between 100,000 and 10 million coins, have been steadily increasing their holdings over the past year.
Trend in Supply Distribution
Analysis of the chart shows that the percentage of Cardano supply held by whales and sharks has been consistently rising in recent months. Their accumulation initially began after a sharp price drop in June, and despite some selling during a rally in July, they quickly resumed their buying. Since the accumulation spree began, these investors have added $116.1 million to their holdings, bringing their share of the total circulating supply to 34.04%.
Positive Sign for Cardano
Despite the downward trend in price, the continued accumulation by whales and sharks is a positive indication of their bullish outlook on Cardano. Their current level of holdings is the highest it has been since September 2022. Additionally, the high trading volume suggests that there is active interest in trading ADA at the moment. At the time of writing, Cardano is trading at around $0.29, down 5% in the last week.
Hot Take:
The consistent accumulation of Cardano by whales and sharks is a reassuring sign for the cryptocurrency. It indicates that these large investors are confident in its long-term potential, despite short-term price fluctuations. This may attract more investors and contribute to the overall growth and stability of Cardano in the future.
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