Exclusive: 57.8% of market participants prefer Bitcoin NFTs over Ethereum’s!
- Cardano whales have stepped up their accumulation trends
- ADA’s price continues to trade within a downtrend though
Recently, there has been a notable uptick in the holdings of Cardano whale wallets, indicating a trend of accumulation among large holders. However, despite this accumulation, many of these whale wallets are currently in a position of loss, remaining “underwater” as far as their investment value is concerned.
Additionally, the overall number of holders has stabilized or flattened out over the past few weeks – A sign of decline in new entrants.
Cardano whales increase their supply
There has been a noteworthy shift in Cardano’s token supply distribution. In fact, analysis revealed that wallets holding 100 million to 1 billion ADA tokens accumulated approximately 11% more ADA over the last 30 days.
As a result of this behaviour, this group of whale wallets now collectively holds around 6.5% of the total ADA supply.
Source: Santiment
Conversely, examination of the largest holders — Wallets containing 1 billion ADA or more — seemed to indicate that accumulation has tapered off in recent times.
This suggests that while these large holders are not actively accumulating more tokens, they are also refraining from selling off their existing holdings.
New holders stall
Despite the accumulation of Cardano whale wallets, the total number of ADA holders has remained the same. Analysis of the overall number of holders indicates that the trend has recently flattened. At the time of writing, the number of ADA holders stood at approximately 4.47 million.
Examining the trend revealed that this number has remained relatively constant since January. Although there was a slight hike to around 4.48 million in February, it quickly reverted to its press time level on the charts.
Source: Santiment
How good is the Cardano bag?
Additionally, the 30-day Market Value to Realized Value ratio (MVRV) of Cardano indicated that buyers who acquired ADA during this period are currently holding at a loss. The chart analysis revealed that ADA dipped below zero on around 16 March and has remained below this threshold since then.
At press time, the 30-day MVRV stood at -9.11. This was a sign that holders who purchased ADA in the last 30 days have been recording a loss of over 9% on their holdings.
Source: Santiment
ADA continues to chase the bull trend
An analysis of Cardano’s daily timeframe chart revealed a slight uptick in its price. The chart depicted a hike from around $0.42 to over $0.45, reflecting a modest increase of over 5%.
At the time of writing, it held steady around the $0.45-price level, noting minor fluctuations between gains and losses.
– Read Cardano (ADA) Price Prediction 2024-25
The $0.42-level will serve as immediate support for ADA. However, Cardano will remain in a bearish trend in the short-term, as indicated by its Relative Strength Index (RSI). And yet, this prevailing trend might be relatively weak too, with the RSI hovering close to the neutral line on the charts.
