Major investors in cardano (ADA) accelerated the accumulation of the cryptocurrency as the bear market formed. About this analytical firm Santiment reported on my own Twitter.
🐳📈 #cardano whale addresses holding 1M to 10M $ADA are accumulating their bags these past 5 weeks (196M more $ADA) after a 7-month stretch of dumping (-1.7M less $ADA). The 9th largest market cap asset recently hit prices last this low in February, 2021. https://t.co/co8BcqHJAF pic.twitter.com/OXpbu3KSXp
— Santiment (@santimentfeed) May 3, 2022
According to the tweet, addresses ranging from 1M to 10M ADA ($680,000 to $6.8M) have been actively buying ADA over the past five weeks. During this time, the “whales” bought up about 196 million ADA (~$133 million). However, during the previous seven months, prior to the accumulation of assets, “whales” mostly sold off ADA.
At the same time, the main ideologist of Cardano Charles Hoskinson responded to criticism netizens that the price of ADA continues to fall despite the constant updates of the project. Hoskinson tweeted that the drop in quotes is due to the bear market. He also added that during such a trend, nothing will help the cryptocurrency in terms of price.
At the time of writing, the price of cardano in the ADA/USD trading pair is down 12.5% at $0.65, according to CoinGecko. On a weekly basis, ADA quotes fell by 17.2%. Market capitalization dropped to $22.2 billion.
Since the beginning of the year, ADA has taken the second place in terms of losses in the top 10 cryptocurrencies by capitalization. Thus, the price of ADA has fallen by more than 50% since January 1, 2022. In first place in terms of losses is the Solana (SOL) ecosystem token, which has lost more than 57% in price since the beginning of the year.
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I am Derek Black, an author of World Stock Market. I have a degree in creative writing and journalism from the University of Central Florida. I have a passion for writing and informing the public. I strive to be accurate and fair in my reporting, and to provide a voice for those who may not otherwise be heard.