Why Cardano whales are accumulating ADA tokens, what to expect

Cardano is showing decoupling signs and after yielding nearly 8.5% gains since Tuesday.
Addresses holding 10,000 or more ADA tokens have scooped up nearly 1.03 billion Cardano in the past five months.
ADA holders have accumulated the altcoin consistently over the past five months, fueling a bullish narrative in the asset.

Cardano whales have been consistently accumulating the Ethereum-killer altcoin since November 2022. There has been a spike in holdings of addresses that own 10,000 or more ADA, based on data from crypto intelligence tracker Santiment.

Whale accumulation and the recent decoupling of ADA are bullish signs for the altcoin.

Also read: Ethereum gears up for rally to $2,000 with recovery in liquid staking tokens

Cardano whales continue mass accumulation of ADA

Cardano network’s large wallet investors holding 10,000 or more ADA tokens have consistent added to their ADA holdings over the past five months. There has been a spike in ADA holdings of addresses with 10,000 or more Cardano tokens.

As seen in the chart below, Cardano addresses with 1,000 to 10,000 ADA or more have scooped up the Ethereum-killer consistently.

Cardano wallets scoop up ADA

As seen in the chart above, there is a spike in ADA accumulation despite the recent dip in the altcoin’s price. This is typically considered a bullish sign for the Ethereum-alternative token.

Cardano shows signs of decoupling

Analysts at crypto intelligence tracker Santiment noted signs of decoupling in Cardano. Alongside mild decoupling signs, experts have noted nearly 9% gains in ADA price since Tuesday.

#Cardano has been showing some mild decoupling signs this week, and the #7 market cap asset is +8.2% in the past 24 hours. Addresses holding 10,000 or more $ADA have collectively accumulated 1.03B (3.3% more coins) in the past 5 months. https://t.co/7p6fOuzvG5 pic.twitter.com/TJGVwYujJn
— Santiment (@santimentfeed) March 29, 2023

Whale accumulation supports the bullish thesis for Cardano. The smart contract network’s development activity continues to remain higher relative to its competitors. This is another factor fueling a bullish sentiment among holders.

Development activity of blockchain protocols

Cardano ranks higher than ChainLink, Cosmos and Ethereum, the smart contract network’s leading competitors.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.