- Cardano whales buy large sums of ADA tokens. Cardano’s big holders have bought 560 million tokens,
- The increased accumulation of ADA by institutional investors suggests an optimistic outlook for cryptocurrency.
- The ADA price could see a drop in April, despite the growth in whale adoption and accumulation.
Despite the lackluster price performance of Cardano ($ADA) since the beginning of the month, large holders of the cryptocurrency, known as “whales”, have continued to buy and accumulate tokens on the cryptocurrency network over the past two weeks.
According to Ali Martinez, a cryptocurrency expert, large Cardano holders have bought 560 million ADA tokens, representing an impressive value of $218.4 million according to blockchain data.
#Cardano whales are on a shopping spree! Over the past 2 weeks, they've scooped up 560 million $ADA tokens, valued at $218.4 million. ???????? pic.twitter.com/6uaRZMbfOO
— Ali (@ali_charts) April 9, 2023
Along with other significant digital assets, Cardano’s price rose as the cryptocurrency market as a whole rallied. As a result, the price of Bitcoin, the main cryptocurrency, broke through the $30,000 barrier for the first time in ten months.
According to Martinez, if the ADA price can break through a crucial level that currently hosts a “colossal sell wall” made up of 3.85 billion tokens sold, it would likely start a bull run, as CryptoGlobe previously reported. Between $0.40 and $0.42 is that wall.
In particular, the cryptocurrency community anticipates a decline in the price of ADA in April despite the continued growth in adoption and accumulation of whales of the network’s native token.
Users who provided price predictions projected that ADA would end April trading at $0.37 per token, a substantial drop from its current price level, on average, according to participants.
