Cardano Whales Load Up Amid Multi-Month Lows

Cardano (ADA) whale wallets have reached their highest level in four months, despite the asset's price hovering near multi-month lows. According to Santiment, there are currently 424 wallet addresses holding more than 10 million tokens each.

This marks a 5.2% increase over nine weeks, with ADA trading around $0.24, roughly 11% above its February low of $0.22.

While the uptick in large-holder activity is encouraging, it has yet to translate into a significant price movement for ADA, which has dropped almost 42% in three months and about 53% over the past year.

The asset's dominance decline from 4.5% of total crypto market capitalization in 2021 to around 0.3% today may complicate the accumulation narrative, as whales loading up have yet to be followed by a broader market rally.