Cardano Whale Accumulation Hits Four-Month High Amid Price Decline

Despite Cardano's (ADA) price remaining near multi-month lows at $0.24, large holders have been accumulating the token in record numbers. According to Santiment, ADA whale wallets have grown to a four-month high of 424, each carrying more than 10 million tokens.

This increase represents a 5.2% rise over nine weeks, with analysts suggesting that sustained accumulation during subdued pricing could create a bullish divergence. However, the token's price has dropped nearly 42% in three months and about 53% over the past year, sitting 92% below its all-time high of $3 reached four years ago.

The decline in dominance is also concerning, with ADA's share of total crypto market capitalization having collapsed from around 4.5% in 2021 to roughly 0.3% today.