Cardano’s (ADA) steady decline has continued since September 2021, when it reached its highest point of $3.1. The downtrend has been extremely difficult for investors. Most of them are drowning in losses. However, as they say, that one man’s misfortune is another man’s come up, whales have seen this as a perfect opportunity to buy up as much ADA as they can. The couple has increased their purchasing and now have about $200,000,000 worth of ADA within a short time.
Whales Purchase 194 Million ADA
Cardano whales are busy building the digital asset over the last five weeks. Since the digital asset started trending towards $1, these whales that hold 1 million to 10 million ADA have been most active. This has provided whales with a purchasing opportunity, as they have bought 196 million ADA during this 5-week period.
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Prior to that, however, the same addresses had been involved in a massive dumping spree. This has led to their collective holdings dropping and had dropped to one of the lowest point in its history, which was at the end of March. After prices hit an all-time low in March, however, whales began to rekindle their accumulation pattern, which has greatly increased their collective reserves.
?? #CardanoWhale addresses that hold 1M-10M $ADAAre accumulating bags over the last 5 weeks (196M More) $ADAAfter a period of 7 months, the dumping stopped (-1.7M). $ADA). The 9th largest market cap asset recently hit prices last this low in February, 2021. https://t.co/co8BcqHJAF pic.twitter.com/OXpbu3KSXp
— Santiment (@santimentfeed) May 3, 2022
These whales purchased ADA worth $200 million in just over a month. Cardano whales have been following this trend for a while. It is believed that over 4 billion ADA was purchased by addresses with between 1-10 million and 10,000,000 ADA in their accounts during the first quarter 2022. Their collective balances had risen to 12.19, before the dump trend which began in March.
Cardano hits a record yearly low
While the Cardano current price isn’t anything to be proud of, there seems to be no end in sight to this downward trend. New yearly lows have been reached by the digital asset. ADA prices were last at this level in February 2021, when the digital asset was just beginning its 2021 bull run.
ADA Price Hits a One Year Low | Source: ADAUSD on TradingView.com
Despite the fact that the network has one of the largest followings in the space it’s price doesn’t reflect their loyalty nor all the updates being made to the network. The combination of the declining transaction volume and this grim outlook paints a dim future for digital assets.
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Cardano investors have also been hit hard by the market losses. According to data from IntoTheBlock 6% of all ADA holders currently are in profit. While 1% of holders sit in neutral territory at the moment, the vast majority (93%) of holders are in complete loss.
Featured Image from Blaze Trends. Chart from TradingView.com
