Cardano Whales Accumulate Record Amounts Amid Price Decline
Cardano's whale dominance has reached an all-time high, with large investors controlling 68.76% of its circulating supply. This concentration of ADA tokens among whales indicates rising enthusiasm among institutional players, who see Cardano as a viable investment in the medium and long term.
Data shared by market analyst Lark Davis reveals that whales now hold 25.1 billion ADA tokens out of 36.5 billion ADA circulating tokens. This is the highest level of whale dominance on Cardano since July 2020, with institutional investors accumulating ADA tokens at a record pace.
Despite the asset's massive decline to its current low of $0.1615, down over 70% from its best price seen a year ago, whales are quietly purchasing ADA, capitalizing on its price decline to amass massive amounts of tokens at lower cost.