Cardano Whale Behavior Impacts Traders and ADA Price
Journalist
- Cardano whales increase their accumulation rates
- ADA continues to trade in a downtrend, although
Recent data shows that the number of Cardano whales owned by large holders has increased, indicating an accumulation tendency. However, many of these whale wallets continue to be in a losing position as they remain “underwater” in terms of their asset value.
The number of new holders is also declining.
Cardano whales increase their accumulation
Cardano has experienced a notable shift in the distribution of its tokens. Analysis has shown that wallets holding 100 million to one billion ADA tokens have accumulated 11% more ADA in the last 30 days.
This group of whale wallets holds 6.5% of ADA’s total supply.
Source: Santiment
When examining the wallets of those with 1 billion ADA and more, accumulation seemed to have slowed down in recent years.
It is clear that these large holders are not selling their tokens and are not actively accumulating more.
New holders stagnate
Despite the increasing number of Cardano whale wallets, the total number of ADA holders has remained unchanged. The trend in the number of holders has flattened recently, according to an analysis of the total. At the time of writing, the number of ADAs was around 4.47 million.
This number has been relatively stable since January, according to the data. The number of spectators increased slightly to 4.48 million by February, but quickly returned to the level it was at press time.
Source: Santiment
What does the Cardano wallet look like?
The 30-day Market to Realized Value (MVRV) for Cardano also showed that those who bought ADA during this period are currently holding it at a loss. Chart analysis showed that ADA fell below zero around March 16 and has remained below this threshold since then.
At the time of publication, the 30-day MVRV was -9.11. This is a sign of a significant loss for holders who bought ADA within the last 30-day period.
Source: Santiment
ADA Chasing the Bull Trend
A daily chart of Cardano showed a small increase in price. The chart showed a slight increase in price from $0.42 to $0.45. This represents a modest gain of over 5%.
It remained stable at around $0.45, with minor fluctuations in gains and losses.
– Read Cardano (ADA) Price Prediction 2024-25
The $0.42 level will act as an immediate support for ADA. Cardano is expected to remain in a short-term bearish trend as shown by its Relative Strength Index. This prevailing trend could also be weak as the RSI is hovering near the neutral line of the charts.
