Altcoins
Cardano (ADA) Whales Highly Active Hoarding At Record Levels
Published
10 months agoon
By
Manoj Nair
Cardano (ADA) prices have remained constant and the price has been stagnant at the $0.50 level since the start of August. It is indicative of a state of market indecisiveness. The Crypto Sector is still in a state of shock after the mayhem of Crypto Winter. Also, the rally of July seems to have hit a road block. However, a surge in accumulation of Cardano (ADA) addresses could push the asset above its level if sustained.
0.46% of Cardano (ADA) Current Supply Added In One Week
As per data obtained from Santiment chart, ADA worth $138M has been hoarded by both whale and shark addresses. Both are holding 10k to 10M ADA in a period of just one week. The hoarding trend began on July 27 when the asset dipped below $0.46 and has since then persisted.
🐳🦈 #Cardano shark & whale addresses have accumulated a combined ~$138M in $ADA in 8 days after the mid-June dump around the local price top. This is only a mild accumulation for now, but could get interesting if this trend continues throughout August. https://t.co/7ix8VPSkZG pic.twitter.com/uPfuLfbbkl
— Santiment (@santimentfeed) August 5, 2022
The Cardano community was hard hit by the news of a hard fork delay but it also did not have much effect on the hoarding spree by the whales and the sharks. The hoarding trend has contributed an additional 0.46% of ADA’s circulating supply.
The mid-June crash saw the values of the coin sink from $0.66 on June 8 to as low as $0.42 in ten days. The latest trend is indicative of a fresh interest in the crypto asset despite the FUD pushed into the space. Though the hoarding is relatively modest by community standards but still it could breach the $0.50 zone if the momentum is sustained.
Cardano (ADA) Is Looking To Consolidate At $0.50
The Cardano Community is in an upbeat mood because of a surge of wallet addresses and accumulation trends. The token’s wallet addresses have surged to new heights of 3.7 million in just three days with 3.1 million addresses holding $1 worth of ADA and above.
However, the intraday performance of the Altcoin smacks of consolidation and the lack of support above $0.51 has kept the values stuck in this zone. The support of $0.45 largely seen in the month of July has been surpassed and the coin is seeking to consolidate its position at $0.50 zone this month – the asset has not gone below $0.49 in August.