T.Rowe Price Buys Cardano as ADA Surges 29%

Cardano's ADA token surged 29% last week after T.Rowe Price added it to its Active Crypto ETF, with a 0.43% allocation.

The addition of ADA to the fund came just two weeks after Grayscale withdrew its application for a Cardano ETF on August 10, which had previously pushed ADA down to around $0.196.

Whale wallets holding between 1 million and 100 million tokens have shed around 100 million tokens since Saturday, signaling profit-taking and caution among traders.

Data from Santiment shows that large-holder distribution often precedes price corrections.