Cardano Whale Wallets Surge as Price Remains Stuck Near Lows

Cardano's whale wallets have reached a four-month high of 424, despite the asset's price remaining near multi-month lows. Each of these large wallets carries more than 10 million tokens, according to figures from Santiment posted on Tuesday.

This increase in whale wallet count marks a 5.2% rise over nine weeks and suggests that large holders are accumulating ADA during its current downturn. The asset's price has dropped almost 42% in three months and around 53% over the past year, sitting at roughly $0.24, which is 11% above its February 5 low.

Despite this accumulation, Cardano's dominance in the crypto market has collapsed from around 4.5% in 2021 to approximately 0.3% today. Analysts have noted that sustained accumulation during subdued pricing could create a bullish divergence, potentially leading to a price increase. However, ADA remains below its 50-, 100-, and 200-day exponential moving averages, keeping the broader trend bearish.