The cumulative holding of these whale addresses is now targeting the 3 billion ADA threshold.
Cardano (ADA) whales have embarked on a massive accumulation campaign, as addresses between 100 million and 1 billion ADA have amassed an impressive 560 million ADA tokens in the past two weeks.
The bullish metric was highlighted by prominent analyst Ali Martinez who noted that the accumulated tokens were worth a whopping $218 million at the time of the disclosure. Ali cited data from an IntoTheBlock chart.
#Cardano whales are on a shopping spree! Over the past 2 weeks, they've scooped up 560 million $ADA tokens, valued at $218.4 million. 👀🙀 pic.twitter.com/6uaRZMbfOO
— Ali (@ali_charts) April 9, 2023
The chart shows that the accumulation began in April, following a distribution campaign observed among these addresses on March 26. A concentration of large purchase activity was especially noticed on April 5 when ADA was looking to reclaim the $0.40 price for the second time in less than a week.
As a result of the accumulation trend, the cumulative holding of these whale addresses now targets the 3 billion ADA ($1.16 billion) mark. The recent pattern indicates a readiness from deep-pocketed investors to augment their holdings. Data suggest that ADA transactions worth above $100K have surged to a combined estimate of $13.61 billion.
Moreover, Cardano has been witnessing a surge in non-zero addresses, adding 79,196 non-zero addresses since the start of the year. This is a testament to the increasing demand pumped into the asset.
Notably, this elaborate accumulation campaign had remained dominant recently, with up to 92,000 addresses amassing 4.4 billion ADA when it traded between $0.36 and $0.37.
This pattern was also observed among Cardano addresses holding between 1 million and 10 million tokens. These addresses have purchased 150 million ADA in the past month.
Cardano Holders are Long Term
IntoTheBlock data shows that most ADA holders, about 51% of investors, are long-term holders, having held their bags for over one year. 42% bought their assets between 1 and 12 months ago, and 7% purchased their tokens less than a month ago.
As reported by The Crypto Basic, the Cardano network has surpassed 4M total addresses. Of these, 2.2M addresses hold non-zero balances; Cardano adds 79,196 non-zero addresses this year alone.
ADA Price Outlook
Meanwhile, ADA continues struggling to recapture the $0.40 zone after falling below it a week ago. The asset was closest to its goal yesterday when it hit a high of $0.3927, but resistance from the bears created a massive roadblock.
As previously reported, ADA faces an enormous sell wall between $0.40 and $0.42, mounting strong resistance to its uptrend. The asset is changing hands at $0.388 at the time of writing, up 0.46% in the past 24 hours.
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