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Cardano whales are accumulating after a 7-month dumping spree

Cardano whales are accumulating after a 7-month dumping spree

Amid the fact that the price of Cardano (ADA) has been on a downwards spiral for the last week, the DeFi asset has returned to the green in the previous 24 hours, despite a general bearish sentiment in the cryptocurrency market.

With Cardano’s price now trading at $0.785, it has moved moderately higher by 0.47% in the past 24 hours but has fallen by 11.67% over the previous seven days, with the ninth-largest asset by market capitalization last reaching levels this low in February 2021.

Nevertheless, the latest data shows Cardano whale addresses holding 1-10 million ADA have been accumulating their bags over these past five weeks with 196 million more ADA after a 7-month stretch of dumping -1.7 million of the token, according to information from the behavior analysis platform Santiment posted on May 3.

Cardano key whale addresses. Source: Santiment

Indeed, as per Santiment:

“Cardano’s key whale addresses are in a 5-weel accumulations stretch, prices at 15-month low levels.”

Cardano ecosystem growth

In spite of the fact that Cardano prices have fallen to their lowest levels in fifteen months, the ADA ecosystem continues to expand. 

It’s worth highlighting that Cardano just raised its block size by 10% on April 25, which has resulted in faster transaction processing and DApp performance. This comes ahead of the Vasil hardfork, which is scheduled for June and has the goal of growing the protocol and dramatically increasing its transaction throughput, as well as volume and liquidity. 

Aside from that, the network recently unveiled the Cardano ERC-20 converter, which brought support for ERC-20 token migration to its platform and increased the number of use cases available to application developers and enterprises alike.

Whether the price of Cardano continues to fall remains to be seen, the crypto community at CoinMarketCap is certainly bullish on its price, projecting over 50% upside for ADA by May 31, 2022.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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