Cardano Addresses with 100,000+ ADA Surge Again as Price is Down 66% from ATH

AnalysisCardano Addresses with 100,000+ ADA Surge Again as Price...



Vladislav Sopov

Number of Cardano addresses with 100,000+ ADA started surging again after 10-month decline

Contents

Automated services noticed the largest inflow of Cardano’s native token, ADA, to whale-controlled wallets. Here is why it looks unusual and might be an optimistic signal for Cardanians.

Cardano (ADA) whales are back to accumulating

According to statistics shared on social media by an anonymous trader and analyst who goes by @mario_almanzar on Twitter, the number of Cardano’s wallets with 100,000 ADA and more is surging in recent days.

This metric spiked above 25,000 for the first time since January. In the mid-term, this metric is falling since the euphoria of May 2021. Even the launch of Cardano’s smart contracts failed to catalyze the optimism of ADA whales.

The analyst meets this upsurge with cautious optimism as it might signal a major shift in the way Cardano (ADA) whales understand the markets.

Might be too early to tell but potentially we see whales accumulating big again.

In recent days, the number of wallets of this type increased by more than 1,000.

Cardano (ADA) price down almost 66% from its peak

At the same time, the Cardano (ADA) price has failed to exit its multi-month bear market. After its latest ATH, which was registered in May 2021, at almost $3, the price retraced to $0.87.

On Feb. 24, 2022, the price of ADA dropped to a one-year low at $0.75.

At the same time, Cardano’s development activity is on fire. Its engineers from Input Output released an updated version of Daedalus software that is far more resource-efficient than the previous one.

Also, its Sundaeswap DEX is now able to finalize swaps in less than one minute.



Learn more

Latest news

dYdX (DYDX) up 15% as Trading Volume Doubles, Here’s Why

Decentralized exchange platform dYdX (DYDX) is seeing a major price rejuvenation today as it is up 15.23% at the...

Fed raises key interest rate by 0.25 points, slowing pace of hikes

The Federal Reserve enacted its smallest interest rate hike in nearly a year on Wednesday — but signaled...

Meta Platforms Q4 profit drops 55%

Mark Zuckerberg’s Meta Platforms on Wednesday reported a 55% fall in quarterly profit, hurt by a hefty charge related...

Meta forecasts upbeat first-quarter revenue, shares rise By Reuters

© Reuters. FILE PHOTO: The logo of Meta Platforms' business group is seen in Brussels, Belgium December 6,...

Stock spikes after better-than-expected revenue

Meta (META) reported its Q4 2022 earnings today after the bell, and the Facebook parent beat key revenue...

Must read

You might also likeRELATED
Recommended to you