Cardano (ADA) Whale Holdings At 2-Yr High Amid Dip Buying Opportunity

By Varinder Singh
April 12, 2022 Updated April 12, 2022
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Cardano (ADA) Whales Ownership Rises Record Levels, 'Buy The Dip' Opportunity?

Cardano (ADA) whales have been using the ‘Buy the Dip’ strategy to accumulate ADA since last year. Now, Cardano’s top whales have returned to own nearly 46.7% of the ADA supply, which is the largest percentage of supply held in the last two years. Moreover, the number of wallets holding Cardano (ADA) has nearly doubled over the last year. The data indicates optimism among Cardano investors on the future of ADA prices.

Top Whales Continue To Accumulate Cardano (ADA)

On-chain analytics firm Santiment announces in a tweet on April 12 that Cardano’s top whales have been accumulating ADA since last year as the ADA price continues to slip below its ATH price of $3.10 in September 2021.

Moreover, Cardano whale addresses with more than 10 million ADA that owned just 10% of Cardano supply in Feb 2021 are now holding 46.7% of the total supply of Cardano.

Cardano Whale Supply Distribution
Cardano Whale Supply Distribution. Source: Santiment

“Cardano is down -59% since its $3.10 #AllTimeHigh. However, the asset’s top whales (holding 10M+ $ADA) have returned to their largest percentage of supply held in two years, at 46.6%. Note that a large portion of these addresses are owned by exchanges.”

The Cardano Whale Supply Distribution metric indicates the total supply of Cardano (ATH) held by whales with respect to the price trends. And the price trend has been moving in the opposite direction despite rising whale accumulation, indicating optimism among whales for a better price in the future.

Moreover, another piece of data on the number of wallets holding Cardano (ADA) points to a significant bullish outlook on Cardano.

Cardano (ADA) Falls Below $1 Level

The Cardano (ADA) price has dropped below the $1 level today as sentiment remains negative in the crypto market due to the Fed rate hike and analysts’ forecasts. In the last 24 hours, Cardano has plunged nearly 7%, with the current price trading at $0.95.

In the last week, the ADA price has plunged nearly 21%. However, the whale accumulation has increased during the last week, as whales are buying the dip.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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