Wednesday, November 30, 2022
HomeCrypto NewsMarketCardano Whale Addresses Have Accumulated Over 4 Billion ADA in 2022

Cardano Whale Addresses Have Accumulated Over 4 Billion ADA in 2022

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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.

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. 

 

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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