Cardano (ADA) has witnessed a series of ups and downs over the past few months. It has left investors and crypto market observers on the edge of their seats.
Todayq News reported a steady surge in Cardano’s transactional volume in August. The interest was growing from both whales and institutional investors.
Cardano shines in 2023
The price of ADA ignited hopes as it was standing firm at $0.29. According to Santiment, holders of ADA ranging from 100,000 to 10 million ADA accumulated $116.1 million between May and August.
Intriguing details were revealed once the ownership distribution Cardano was analysed. Three whales collectively held 9.39% of the total supply, around 3.23 billion ADA. Other 140 investors possessed approximately 7.68 billion ADA, constituting 22.35% of the total supply as of August. However, majority of the supply, around 68.26% resided with retail investors
ADA takes a hit in September
As September approached, Cardano’s staking after Grayscale’s legal victory against the U.S. SEC for its spot Bitcoin ETF. However, the euphoria was short-lived.
Data from Santiment revealed that Cardano whales had decided to sell a significant portion of their holdings. 1.02 billion ADA, valued at around $265 million was sold off within the first week of September.
These whale accounts, held between 10 million and 100 million tokens. They held 11.95 billion ADA which was 33.3% of the total token supply.
Cardano making a comeback
The crypto community witnessed a major twist in November amidst this turbulence. Blockchain analytics website IntoTheBlock reveleBdd that ‘Big investors’ accumulated 1.89 billion ADA ($600 million). The price range for this accumulation between $0.249 and $0.271. It signifies a renewed belief in Cardano’s potential.
This attention grabbing saga of accumulation and distribution among Cardano’s whales and investors showcases the dynamic nature of the crypto market. Investors will be waiting to see where the tides will lead Cardano next. Only time will tell what lies on the horizon for this promising token.