Cardano (ADA) Whales Highly Active Hoarding At Record Levels

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.