Cardano Whales Double Holdings In 10 Days. Will This Stop The Onslaught?
29 Janvier 2022 - 12:00AM
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Cardano (ADA) has been one of the most hardly hit cryptocurrencies
during the latest market crash. It has so far lost over 60% of its
all-time high, putting the majority of its investors right in the
loss territory. The downtrend has been a cause for alarm among
holders. But it looks like not everyone feels that way as some,
mostly whales, have taken this as an opportunity to increase their
holdings. Whales Fill Up On ADA A report from analysis firm
Santiment shows a broad accumulation trend among whales when it
comes to ADA. As the price of the digital asset had crumbled, big
investors had ramped up their buying activity. One would think that
with such value loss as that recorded by the cryptocurrency, whales
with large holdings would dump their bags to save from further
losses. Related Reading | Anthony Scaramucci Urges Bitcoin
Holders To Think Long-Term As Downtrend Won’t Last Instead, these
whales are taking this as a buying opportunity. The Sentiment
report shows that the top ADA whales have all doubled their
holdings in the past 10 days. In this time period, the price of
Cardano’s native token ADA had lost about 34% of its value. Whale
wallets holding between 10,000 and 1 million ADA have at least
doubled their previous holdings since then. In total, these whales
have collectively bought over $53 million worth of ADA in a 10-day
period. The average addition to their holdings comes out to around
113%, more than doubling the volume of ADA they control. 🐳
#Cardano's price, like many #altcoins, have plummeted in the past
10 days, dropping -34%. However, large addresses holding between
10k and 1M $ADA, own 113% more in their collective bags since the
drop on January 17th, accumulating $53.6M in tokens. 📈
https://t.co/9V50jyrBlX pic.twitter.com/tQdwa7ym38 — Santiment
(@santimentfeed) January 28, 2022 Cardano Holders Deep In The Red
Most Cardano holders remain firmly in the red, as represented by
data from IntoTheBlock. The digital asset currently features one of
the lowest profit rates of all the top cryptocurrencies with only
9% of holders said to be in profit. A whopping 84% of all
Cardano investors continue to struggle as their holdings are
sitting firmly in loss, while only 7% are holding on in the neutral
territory. ADA trading a $1.02 | Source: ADAUSD on TradingView.com
The cryptocurrency had managed to hit a high above $3 in an
impressive rally last year. However, it has been a sad story of
dips and crashes since then that has shaved about $2 off of its
all-time high value. Currently, the digital asset is still
struggling in the market. Related Reading | Tesla Report Shows
Bitcoin Holdings Remain Unchanged At $1.2 Billion The buys from
Cardano whales have worked to the good for the asset but it is too
soon to tell how long the stop-gap will hold. If whales continue
their accumulation trend, and smaller investors follow in the
footsteps of the whales, then a reversal could very well be in the
works. However, with market sentiment firmly in the bearish
territory, investors may be too wary to gamble on the smart
contracts network. Featured image from Nasdaq, chart from
TradingView.com
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