ADA On Discount? Cardano Whales Go On $200M Shopping Spree
03 Mai 2022 - 07:00PM
NEWSBTC
Cardano (ADA) has been on a steady downtrend since September of
2021 after hitting its all-time high of $3.1. This has been one of
the most brutal downtrends for its investors, the majority of which
are now drowning in losses. However, as they say, that one man’s
misfortune is another man’s come up, whales have seen this as a
perfect opportunity to buy up as much ADA as they can. They
have now ramped up their buying and have accumulated about $200
million worth of ADA in the space of a month. Whales Buy 194
Million ADA Over the past five weeks, Cardano whales have been busy
accumulating the digital asset. These whales who hold between 1
million and 10 million ADA on their wallet balances have been the
most active since the digital asset has been falling and trending
around $1. It seems this has presented a buying opportunity to
these whales who have now purchased 196 million ADA in this
five-week period. Related Reading | Billionaire Ricardo
Salinas Fires Back At Warren Buffett’s Bitcoin Slander Prior to
this though, these same addresses have been on a dumping spree. It
has caused their collective holdings to drop during this time and
in the middle of March had hit one of the lowest points it has ever
been. However, after prices had hit a new month low, the whales had
resumed their accumulation trend which has increased their
collective balances drastically. 🐳📈 #Cardano whale addresses
holding 1M to 10M $ADA are accumulating their bags these past 5
weeks (196M more $ADA) after a 7-month stretch of dumping (-1.7M
less $ADA). The 9th largest market cap asset recently hit prices
last this low in February, 2021. https://t.co/co8BcqHJAF
pic.twitter.com/OXpbu3KSXp — Santiment (@santimentfeed) May 3, 2022
In total, these whales have purchased about $200 million worth of
ADA in a little over a month. This is not a new trend for Cardano
whales though. In the first quarter of 2022 alone, it is reported
that addresses that held between 1 and 10 million ADA on their
balances had bought over 4 billion ADA. This had increased their
collective balances to 12.19 before the dump trend that had started
in the middle of March. Cardano Hits Yearly Lows The current price
of Cardano is nothing to write home about but it seems that there
is no clear end to this downtrend anytime soon. The digital asset
has now managed to hit new yearly lows. ADA had last been at prices
this low in February of 2021 and that was when the digital asset
was at the beginning stages of its impressive 2021 bull rally. ADA
price hits one year low | Source: ADAUSD on TradingView.com Even
though the network boasts one of the most loyal investors following
in the space, its price does not reflect this loyalty, nor does it
reflect all of the upgrades that are being made on the network.
This coupled with the flatlining transaction volume paints a rather
gloomy future for the digital asset. Related Reading | Bored
Ape’s Land Sale Broke Ethereum. Extreme Success Or Roaring Failure?
Cardano investors are also bearing the brunt of the losses in the
crypto market. According to data from IntoTheBlock, only 6% of all
ADA holders are currently in profit. A measly 1% of holders are
sitting tentatively in neutral territory, while the majority of
holders (93%) are completely in the loss. Featured image from Blaze
Trends, chart from TradingView.com
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