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.
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 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.
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.
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