Investor sentiment surrounding Cardano (ADA) is declining, but that hasn't deterred major players in the cryptocurrency ecosystem from investing.
Cardano Whales Challenge Market Sentiment With Their Increasing Presence
Despite the 35% drop in market value since its peak four months ago, Cardano whales seem to be doubling their holdings.
Analysis by analytics firm Santiment reveals a surprising trend. The number of wallets holding 100,000 ADA or more has reached an impressive 25,294.
🐳 Trader sentiment toward #Cardano continues to be low as its market cap is down 35% since topping 4 months ago. However, the sharks & whales haven't been as deterred as one may think. There are now 25,294 wallets with 100K+ $ADA, the most in 16 months. https://t.co/Q5XKveRh5n pic.twitter.com/D0dcfM6LAy
— Santiment (@santimentfeed) August 14, 2023
This increase in high-volume wallets marks the highest number in the last 16 months and shows that key players continue to rely on Cardano's long-term potential.
Cardano, a blockchain platform known for its focus on scalability, sustainability, and interoperability, has had a bumpy ride in recent months.
While the market cap is down 35% from its peak, the steady accumulation of ADA tokens by larger wallet holders paints a different picture.
This development is notable as it demonstrates that, despite short-term market fluctuations and concerns, a significant number of major players continue to believe in Cardano's core value and future potential.
As the cryptocurrency market remains volatile and subject to rapid changes, the behavior of whales could be an important indicator of future trends for Cardano.
*Not investment advice.