Whale traders have continued to accumulate Cardano (ADA) as they anticipate an imminent surge of the cryptocurrency in the near future.
Per data published by IntoTheBlock today, the number of ADA being held by addresses holding between 1 million and 10 million has continued to grow tremendously.
The number of ADA by these addresses has surged from 8.09 billion to 12.19 billion since the beginning of the year, suggesting that the volume has increased by more than four billion on year-to-date (YTD).
Although the number of ADA held by these addresses peaked at an all-time high (ATH) of 12.47 billion on March 1, a total of 280 million Cardano have since been offloaded in the last two days.
“Accumulation continues. The balance held by addresses with 1m-10m $ADA has grown exponentially in 2022, from 8.09b to 12.19b ADA. On March 1 it reached a new ATH of 12.47b ADA held by these addresses,” IntoTheBlock tweeted.
The balance held by addresses with 1m-10m $ADA has grown exponentially in 2022, from 8.09b to 12.19b ADA 👀
Use the code idbcardano to sign up pic.twitter.com/haJuPHObSm
— IntoTheBlock (@intotheblock) March 3, 2022
Whale Traders Taking Advantage of Price Dip
The accumulation spree suggests that whale traders have been taking advantage of major discounts presented by Cardano’s prices since the beginning of the year.
Recall that Cardano, which started the year at around $1.3, has lost over 30% on YTD as a result of several unfavorable developments that hit the cryptocurrency market.
Cardano’s value fell as low as $0.76 last month after Russia declared war on Ukraine, prompting many to convert their ADA holdings to stablecoins.
However, things beefed up a little, with ADA trading above $1 a few days ago before shredding a few percent of its value again. At press time, ADA is currently changing hands around $0.91.
While small Cardano enthusiasts may feel disturbed by the unfavorable price movements of ADA, whale investors are eagerly anticipating a bullish run, which is expected to commence anytime soon following the significant developments being lined up for the project.
As reported today, Charles Hoskinson, Cardano CEO and founder disclosed the things Cardano intends to focus on in order to enable ADA to compete with top cryptocurrencies.
Meanwhile, support for smart contract functionality has resulted in several decentralized exchanges indicating interest in launching on the network in the near future.