Cardano, which is a proof-of-stake blockchain network and a rival to Ethereum, has seen a decrease in the amount of ADA that major wallet holders are holding.
Whales Are Selling Off ADA
Whales who formerly held between one million and one hundred million ADA tokens have recently sold off their Cardano holdings, most likely as a consequence of profit-taking after the rebound in January.
The fact that the price of Cardano’s native token, ADA, has just approached the level of $0.38 per token has prompted a response from Cardano billionaires, as shown by statistics from the cryptocurrency analytics platform Santiment.
Over a week has passed since the ADA price initially hit that mark, and in that time, it has increased by a further 5%. However, as of this writing, the token is down more than 3% in the last twenty-four hours.
According to the statistics provided by Santiment, investors with stakes in the Cardano token are between one million and one hundred million ADA began selling their holdings on January 21.
Their total number has decreased by 31, which, taking into account the size of the market, indicates that at least 31 million ADA have been released into circulation.
The chart that follows demonstrates how whales have sold off their holdings, not just in recent times but also in the past, in order to make a profit when the price of an asset has reached a regional high point.
Despite negative efforts to decrease the price, ADA has been on a bullish trend since the beginning of the year, hitting an annual high of roughly $0.39. The $0.40 price level is a significant barrier for ADA bulls. If ADA can break over this resistance, it will continue rising, likely to $1. Right now, it is at $0.38.
Written by: Qadir AK
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