Cardano dropped to trade below $0.5 mark following current market sell-off
According to whalestats Data, Cardano has returned to the top 10 purchased tokens out of the 500 largest BSC whales in the past 24 hours. This happened when Cardano broke below the $0.5 mark after the current selloff in the market.
Whales or large entities are often known to utilize periods of large drops to buy cheaply.
The on-chain data points to the recent accumulation of whales by Cardano. As U.Today reports, 10,000 to 10 million ADA addresses added a combined 0.46%, or $138 million, of ADA’s total supply from July 27 to August 5. sentiment Information
Santiment’s analysts wrote: “Cardano shark and whale addresses have accumulated a combined $138 million in ADA in eight 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.”
Whale buying Cardano Dip
Global markets saw a sharp sell-off on Friday when US Federal Reserve officials signaled to continue raising interest rates until inflation is controlled. The latest reversal in sentiment has affected altcoins, which tend to be more volatile.
During the week, Santiment noted positive sentiment regarding Cardano but noted higher profit-taking than usual: “Cardano sentiment is rather positive at the moment, and prices are up +22% in the past 3 weeks. The ratio of on-chain transactions as profit taking vs. selling at a loss is at its highest level of profit taking since the final week of March,” it wrote.
At the time of publication, Cardano was exhibiting a major decline, falling 13% to $0.46 at the time of publication.
In positive news, Cardano investment products will now be available to clients of major German banks, Comdirect and Onvista. This comes as Valour announced an agreement with both banks to be a provider of crypto products for retail clients in Germany.
