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.