Number of Cardano addresses with 100,000+ ADA started surging again after 10-month decline
Automated services have noticed the biggest influx of Cardano’s native token, ADA, to whale-controlled wallets. Here’s why it seems unusual and could be an optimistic signal for Cardanians.
Cardano (ADA) whales are back to accumulating
According to statistics shared on social media by an anonymous trader and analyst who goes by @mario_almanzar on Twitter, the number of Cardano’s wallets with 100,000 ADA and more is surging in recent days.
This metric topped 25,000 for the first time since January. In the medium term, this metric has been declining since the euphoria of May 2021. Even the launch of Cardano smart contracts failed to catalyze optimism from ADA whales.
The analyst meets this upsurge with cautious optimism as it might signal a major shift in the way Cardano (ADA) whales understand the markets.
It may be too early to tell, but we are potentially seeing whales accumulating again.
In recent days, the number of wallets of this type increased by more than 1,000.
Cardano (ADA) price down almost 66% from its peak
At the same time, Cardano (ADA) price failed to break out of its multi-month bear market. After its last ATH, which was recorded in May 2021, at nearly $3, the price fell back to $0.87.
On Feb. 24, 2022, the price of ADA dropped to a one-year low at $0.75.
At the same time, Cardano development activity is on fire. Its engineers at Input Output have released an updated version of Daedalus software which is much more resource efficient than the previous one.
Also, its Sundaeswap DEX is now able to finalize swaps in less than one minute.
