Cardano (ADA) Draws Attention As Whales Accumulate 560 Milloon Tokens
Cardano is recently witnessing more activities from top whales. The whales have pushed their total Cardano holdings close to 3 billion ADA.
According to a crypto analyst @ali_charts, Cardano whale addresses holding between 100 million and 1 billion ADA tokens have been on a huge accumulation campaign. But ADA price is yet to reclaim its hold on the $0.40 it lost last week.
Cardano Whales On Buying Spree
The crypto analyst noted the top Cardano whales had amassed about 560 million ADA tokens over the past two weeks. He made the report based on data from an IntoTheBlock chart. At the time of the report, the accumulated ADA tokens were worth $218.4 million.
The chart shows that the whales began their massive move on Cardano in April. It indicated a higher purchase activity on April 5 for these addresses. At this point, ADA was significantly trying to reclaim the $0.40 price value for the second time in a few days.
With the accumulation campaign, the total holdings of the whale addresses have grown to $1.16 billion. Cardano transactions above $100,000 have also witnessed an increase to an estimated value of about $13.61 billion.
In an older post, he noted that about 92,000 addresses accumulated 4.4 billion ADA as the token formed a crucial support region between $0.365 and $0.376. The trend was prominent among Cardano addresses that hold between 1 million and 10 million ADA tokens.
The analyst reported that these whale addresses purchased almost 150 million ADA worth $57 million over the past 30 days.
Additionally, the increased performance in Cardano cuts across the non-zero addresses in the network. A tweet from Cardanians on April 7 shows that about 79,196 non-zero addresses have been added to the network in 2023. This indicates more demand for ADA as the non-zero addresses hit 2,237,610 at the time of the report.
ADA Price Action
At the time of writing, ADA is trading at around $0.3883, showing a slight drop of about 0.28% over the past 24 hours. According to CoinMarketCap, Cardano ranks as the 7th top crypto asset with a market cap of $13.46 billion. Its 24-hour trading volume is at $196.84 million, increasing 6.57%.
Cardano’s price action over the past 7 days dropped by 2.53%. However, its price trend for the past 30 days and 90 days shows an increase of 24.95% and 22.54%, respectively.
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The price performance of Cardano shows that the token is trying to reclaim the $0.40 level after losing it last week. ADA hit the daily trading of $0.3902 on April 9, but couldn’t continue the climb.
Featured image from Pixabay and chart from Tradingview.com
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