Recent data shows that the massive accumulation of ADA made in June might resume in August
In a recent tweet, the Sentiment data provider shared that Cardano whales and sharks received a staggering amount of ADA in June and “could be interesting” if the trend resumes in August.
Whale addresses are after ADA
A comprised $138 million worth of Cardano’s native token ADA was bought by whale and shark wallets back in mid-June, as per Santiment, just within a week after the price of the token dropped at that time.
The amount is not surprising for now, the Sentiment team noted, however, things could get interesting if these investors continue to buy ADA in August.
Back in early July, whales were also accumulating ADA as covered by U.Today. Back then, wallets holding 10,000 – 100,000 ADA bought $79.1 million in ADA within a month.
Earlier, U.Today reported that Cardano had reached a 238% increase in on-chain transaction volume, thus surpassing Bitcoin, Ethereum and Dogecoin.
Charles Hoskinson explains how crypto markets work
In a recent tweet, founder of Cardano and Input Output Global (IOG) Charles Hoskinson, hammered a Twitter user who complained about ADA volatility.
He tweeted that the $5,000 ADA he bought in January 2021 only cost $1,500. Hoskinson responded that that amount of ADA is now worth $6,750 and reminded the complainant that he has no control over the crypto market. “Markets go up and down”, he tweeted.
He also pointed out that this person does not seem to understand how crypto works and why it exists in the first place.
