Cardano Whales Hoard Tokens Amid Price Decline
Large investors are accumulating Cardano's (ADA) tokens at an unprecedented rate. According to data from market analyst Lark Davis, whales now control 68.76% of ADA's circulating supply, the highest concentration since July 2020.
This significant increase in whale dominance coincides with a 70% decline in ADA's price over the past year, leaving some wondering what these large investors see that retail traders don't.
Cardano's market cap stands at $5.95 billion, making it the 15th-largest cryptocurrency by market capitalization. Despite its current price of $0.1615, representing a 79.4% decline from its all-time high, whales are quietly purchasing ADA tokens, capitalizing on its price decline.
This accumulation trend is seen as an early bullish signal for the market, with Davis viewing the concentration among whales as a good sign for ADA's future.