Cardano “sharks” pick up 79.1 million ADA ahead of Vasil hard fork
ADA accumulation occurs despite technical outlook threatening a 35% price drop by September 2022.
Altcoin Watch
Cardano's (ADA) price drop this year has prompted some of its wealthiest investors to hoard the token.
Cardano sharks in buying frenzyIn particular, addresses holding between 10,000 and 100,000 ADA, also known as "sharks", have added 79.1 million tokens (~$37.7 million as of July 9) to their reserves since June 9 , according to data from Santiment.
Cardano shark addresses. Source: SantimentMeanwhile, Cardano "whales" that hold between 100,000 and 1 million ADA have stopped selling.
Holding a larger amount of ADA makes sharks and whales powerful enough to determine future trends in the token via increased volatility or reduced liquidity. Additionally, they can force "fish", or investors holding fewer ADA tokens, to copy their trades.
The recent buying frenzy among Cardano sharks suggests they have positioned themselves for a strong price rebound, especially as ADA is trading nearly 85% below its September 2021 all-time high ...
ADA accumulation occurs despite technical outlook threatening a 35% price drop by September 2022.
Altcoin Watch
Cardano's (ADA) price drop this year has prompted some of its wealthiest investors to hoard the token.
Cardano sharks in buying frenzyIn particular, addresses holding between 10,000 and 100,000 ADA, also known as "sharks", have added 79.1 million tokens (~$37.7 million as of July 9) to their reserves since June 9 , according to data from Santiment.
Cardano shark addresses. Source: SantimentMeanwhile, Cardano "whales" that hold between 100,000 and 1 million ADA have stopped selling.
Holding a larger amount of ADA makes sharks and whales powerful enough to determine future trends in the token via increased volatility or reduced liquidity. Additionally, they can force "fish", or investors holding fewer ADA tokens, to copy their trades.
The recent buying frenzy among Cardano sharks suggests they have positioned themselves for a strong price rebound, especially as ADA is trading nearly 85% below its September 2021 all-time high ...
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