Cardano Whale Addresses Continue To Fall, What Does This Mean For ADA Price?
17 October 2023 - 10:00AM
NEWSBTC
The ADA price has moved in tandem with the rest of the crypto
market after a small rally but Cardano whales continue to threaten
this positive price action. According to recent data, the balances
of large ADA whales have continued to decline, suggesting that they
may be selling off their substantial holdings. Cardano Whale
Balances See Large Drop Over the last month, the balances of
Cardano’s largest holders have been on a decline. This has occurred
as the price of ADA has fallen but with each small recovery, these
whales seem to be taking advantage of the market to sell at a
profit. Related Reading: Standard Chartered Says Ethereum Price Can
Reach $35,000, Here’s When The significant drop in balances over
time has been noticed in the wallets holding between 1 million and
10 million ADA have fallen. This assertion is backed up by data
from IntoTheBlock which shows a large decline in the holdings of
these large holders. 1 million to 10 million token holders dump |
Source: IntoTheBlock Toward the end of September, addresses holding
between 1 million and 10 million ADA held a total of 5.63 billion
tokens. However, going into October, their balances began to drop
by the millions. By October 15, their total balance was sitting at
5.41 billion, representing a drop of 220 million tokens. At the
same time that this was happening, larger whales holding between 10
million and 100 million ADA have been increasing their balances.
Their holdings increased from 11.81 billion ADA to 12.26 billion
ADA toward the end of September. It then saw a small reversal but
in August, their holdings settled at 12.16 billion tokens,
representing a 300 million increase. This would suggest that while
the 1 million to 10 million cohort had been selling, the 10 million
and 100 million cohort had seized the opportunity to buy. This
ended in a transfer of over 300 million ADA to these already
massive whales, increasing their dominance in the market. XRP
recovers above $0.25 | Source: ADAUSD on Tradingview.com ADA
Holders Plunge Further Into Losses Amid the sell-offs from the 1
million to 10 million ADA cohort, Cardano holders continue to feel
the impact of the bear market. Unlike the rest of the top 10
largest cryptocurrencies which have maintained a good profitability
ratio, ADA has performed horribly. Only 6% in addresses in profit |
Source: IntoTheBlock According to data from IntoTheBlock, only 6%
of the almost 4.5 million ADA holders are seeing profit. A whopping
4.09 million addresses are sitting in losses, accounting for 91.76%
of the total holder base. In contrast, 2.06% (91,990) addresses are
breaking even. Related Reading: Will Ethereum Drop Back To $900?
Here’s What This Analyst Thinks ADA is currently trading at $0.25,
a 91.84% drop from its all-time high price of $3.10, according to
Messari. However, it remains the 8th-largest cryptocurrency with a
market cap of $8.88 billion. Follow Best Owie on X (formerly
Twitter) for market insights, updates, and the occasional funny
tweet… Featured image from The Currency Analytics, chart from
TradingView.com
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