Cardano is a hot topic right now, especially after Grayscale Investments threw its hat in the ring for a spot ETF.
ADA whales have been on a buying spree, fueling its most sustained growth in over a year.
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No decline for ADA?
Santiment pointed out that ADA defied the altcoin dip with an 11% jump in market cap. And the secret sauce? Whales making big moves on the network.
Since late November 2023, wallets holding over one million ADA have been stacking coins like there’s no tomorrow.
They’ve purchased 1.41 billion ADA, worth over $1.096 billion, which accounts for 2.35% of the entire supply. These whales have been at it for 15 months straight.
Price performance
The buying frenzy has had a noticeable impact on the price. Despite the market’s ups and downs, ADA has skyrocketed by 107% since the whale accumulation began.
Looking back, the chart shows that the accumulation by these million-ADA holders really took off after the coin’s price dropped from its all-time high around September 2021.
Now, is this just a temporary pump, or is there more to come? While Cardano’s growth isn’t always a smooth ride, these whales have good reasons to keep stacking.
Strong fundamentals
Besides the potential Grayscale and Tuttle Capital 2x Leveraged ETF products, Cardano also rolled out the Plomin hard fork, ushering in community governance.
With solid fundamentals like these, the whale accumulation could fuel even more price growth.
Right now, ADA is trading around $0.77, down a bit from its rally. But according to analysts, ADA is still primed for growth, so if the whales keep buying, we could be in for a wild ride.
