Cardano Whales Scoop Up $61M in ADA During Price Dip

Cardano whales have taken advantage of the altcoin's recent price dip to accumulate over $61 million worth of ADA tokens. According to data, addresses holding between 10 million and 100 million ADA added more than 220 million ADA during the price drop near $0.278.

This buying spree coincided with a rise in Cardano's Mean Coin Age metric, which tracks how long coins remain dormant. The indicator hit a three-month high, suggesting that long-term holders are choosing to hold onto their positions rather than sell.

The combination of whale accumulation and inactivity among older holders can reduce circulating supply and provide a floor for prices in the short term. ADA is currently trying to hold the $0.271 level, which lines up with the 23.6% Fibonacci retracement.