• February 27, 2024

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Whales Accumulate Almost 25% of ADA’s Total Supply

ByLouis Adams

Feb 2, 2022 #Altcoins
Reading time: < 1 minute

Cardano (ADA), the 6th largest crypto by market capitalization, has started the month in the green zone, as the coin has increased to $1.06. Over the past 24 hours, ADA’s capitalization has increased to $35.653 billion.

Last week, the Santiment team drew attention to the activation of the largest Cardano addresses holding cryptos ranging from $10,500 to $1.5 million.

According to the company researchers, whales have increased their holdings in this altcoin by more than 100% since January 17. They bought ADA at a comfortable rate, as the value of the crypto has collapsed by about 35% since the start of the year.

IntoTheBlock’s report states wallets holding between 1 million and 10 million coins have increased their holdings in ADA by 40.65% in January. As a result, whales now control 24.87% of the total supply of the asset.

Trader Ali Martinez believes Cardano is in an area of ​​strong support. The largest addresses will make every effort to prevent the altcoin from falling below $1. Approximately at this rate, 341,500 wallets purchased 7.65 billion Cardano.