Amidst the ongoing uncertainty in the crypto market, some cryptocurrencies are gaining confidence. Crypto analytic platform Santiment has reported that the price of Cardano Cardano (ADA) has remained low this year. Despite this, the big wallets have stopped dumping ADA and are betting back on this coin i.e. depositing it. In a tweet, Santiment reported that wallets storing between 10,000 and 100,000 ADA have been accumulating in Cardano’s native token over the past month. They have so far acquired 79.1 million coins and added them to the ADA treasury.
There has also been information about a wallet that holds around 100,000 to 10 million ADA coins, but has stopped selling them.
Significantly, the crypto market is dominated by whales. These are accounts that hold large amounts of crypto or buy and sell them. Even after the huge fall in the crypto market, whale activity in the market does not seem to be decreasing. Even in the past, data from Santiment was told that Cardano (ADA) whales have made about 200 million ADA purchases in the last few weeks.
Santiment reported that some of the Cardano Whale Address groups holding 10 million to 10 million ADA had grown their holdings to 200 million ADA in 5 weeks. This all happened when Cardano price was trading at its lowest price in 15 months.
According to Gadgets 360 Crypto Price Tracker, the price of Cardano in India at the time of writing the news is around Rs 38.
Data from Santiment two months ago suggested that the crypto whale had dumped a large amount of its ADA coins until a few months ago. This massive dumping of coins has reduced the price of the ninth largest cryptocurrency by 75% since its peak in September 2021. An increase in buying pressure could inevitably mean that whales are eyeing a possible recovery in the near future. The Cryptopotato report noted that Cardano achieved significant network activity in the first quarter of the year.
IntoTheBlock, another analytic platform, reported in late March that LTV on Cardano has grown from 1.35 billion ADA per day to 69 billion ADA on Cardano since the beginning of the year, an increase of more than 50x in just three months.