Post By: CryptosHeadlines.com
Cardano (ADA) has experienced a rollercoaster ride in recent months, keeping investors and crypto market watchers in suspense.
Cardano saw a consistent increase in its transaction volume during August, with heightened interest from both large investors and institutional players.
ADA’s Resilient Price and Notable Ownership Patterns
Cardano’s ADA exhibited promise by maintaining a steady $0.29 price, raising optimism in the crypto community. Santiment data revealed that ADA holders, possessing 100,000 to 10 million ADA, accumulated $116.1 million from May to August.
Analyzing the ownership distribution of Cardano uncovers intriguing details. Three prominent whales collectively held a significant 9.39% of the total supply, amounting to around 3.23 billion ADA. Another 140 investors possessed approximately 7.68 billion ADA, constituting 22.35% of the total supply as of August. Notably, the majority of ADA supply, roughly 68.26%, was in the hands of retail investors.
Cardano’s Post-Staking Activity and Whale Sell-Off in September
Cardano’s staking activity saw an increase with the legal victory of Grayscale against the U.S. SEC for its spot Bitcoin ETF as September neared. However, this excitement proved to be short-lived.
Data from Santiment unveiled that notable Cardano whales opted to offload a substantial portion of their holdings. In the initial week of September, they sold 1.02 billion ADA, amounting to approximately $265 million.
These whale accounts collectively held between 10 million and 100 million tokens, constituting 11.95 billion ADA, which represented 33.3% of the total token supply. This significant sell-off marked a notable event in the Cardano ecosystem.
A Pivotal November: Cardano’s Whales and the Crypto Market
In November, the crypto community was taken by surprise amid the ongoing market fluctuations. Notably, blockchain analytics website IntoTheBlock revealed that ‘big investors’ amassed a substantial 1.89 billion ADA, valued at $600 million. This accumulation occurred within the price range of $0.249 to $0.271, signaling a renewed faith in Cardano’s potential.
This captivating narrative of accumulation and distribution among Cardano’s whales and investors underscores the ever-evolving nature of the cryptocurrency market. Investors eagerly await to see the course Cardano will chart in the coming days. As always, only time will unveil what lies ahead for this promising token.
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