Cardano ‘Sharks’ Scoop Almost Half Of $ADA Supply

February 24, 2022 - Around 2 mins mins to read

Cardano wallets with 10,000 to 100,000 ADA have started gaining additional coins. According to Santiment, this group of investors frequently marks the market’s peak. On the day, ADA was one of the top gainers in the crypto market.

Cardano 'Sharks' Scoop Almost Half Of $ADA Supply — *Cardano ‘Sharks’ Scoop Almost Half Of $ADA Supply*

This group of Cardano (ADA) investors may be the most important measure to observe for the ADA price. According to Santiment, a cryptocurrency behavior analytics platform, investors who own 10,000 to 100,000 ADA have traditionally indicated the top of the ADA market.

In the last five weeks, these addresses, dubbed Cardano sharks by Santiment, have amassed around 6% of the circulating supply of ADA.

Based on this, Santiment believes that the bottom of the ADA price drop has been achieved. However, this cannot be determined with precision because investors holding 100,000 to 1,000,000 ADA have started dumping their coins.

Santiment’s report said:

“These two very opposite directions seemingly wipe each other out, and create a mostly neutral indicator,”

According to the study, “not a lot appears to happen” for ADA as a result of the opposing measures. Santiment recommends observers to keep an eye out for an increase in these transaction types, as it would signal a “long-term turnaround” for Cardano.

Santiment’s research comes after the Cardano blockchain has dominated in terms of transaction volume. On February 21, Cardano eclipsed Bitcoin and Ethereum in adjusted transaction volume, transacting $16.71 billion in 24 hours.

The cryptocurrency market appears to be rebounding from the enormous downward correction that it has been undergoing in recent days. ADA, like with a slew of other cryptocurrencies, is now trading in the green.

ADA is one of the top gainers in the top ten crypto rankings, up 8.61% in the previous 24 hours. On the day, ADA is trading at $0.94. Similarly, Bitcoin, Ethereum, and BNB have gained 3.21%, 4.66%, and 4.10% in the last 24 hours, respectively. However, ADA is still down 13.6% in the last 14 days.

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Patrick

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