Cardano Looks Dormant, But Whales Quietly Scoop Up $200 Million Worth of ADA
Despite a stagnant price, Cardano whales have been accumulating $204.3 million worth of ADA, signaling potential bullish momentum.Summary
Cardano (ADA) has remained relatively stable in price throughout 2024, leading to some investor disappointment. However, recent on-chain data reveals significant accumulation by whales and sharks – investors holding between 100,000 and 100 million ADA – who have purchased 348 million ADA (approximately $204.3 million) in the past four days. This represents the strongest accumulation since May and occurs as ADA’s price has corrected by over 30% from last month. Analysts suggest this 'smart money' is taking advantage of the pullback, potentially setting the stage for a bullish phase. Historical price patterns also indicate that strong rallies often follow extended consolidation periods, and current conditions resemble those preceding previous bull runs in 2023 and 2024. The upcoming Cardano Summit 2025 may further boost investor optimism, though overall market sentiment remains cautious with a low altcoin season index.
(Source：BeInCrypto)