Cardano Whale and Shark Wallets Reach 16-Month High Amid Bear Market, Says Santiment

Santiment, a blockchain analytics platform, reveals that despite the stagnation in the cryptocurrency market, substantial Cardano (ADA) accumulation is occurring among deep-pocketed investors. The platform points out a noteworthy surge in the count of wallets holding 100,000 ADA tokens or more, reaching a figure of 25,294. This level of accumulation hasn’t been observed since April 2022.

Remarkably, Santiment underscores that this upswing in both whale and shark wallets comes into existence even in the face of adverse trader sentiment towards Cardano. Despite Cardano’s value declining by approximately 35% since it peaked in 2023, four months ago, this accumulation trend persists.

As of the time of writing, ADA is valued at $0.28, reflecting a 2.8% drop within the last 24 hours. Santiment also detects a noteworthy surge in trade volumes for other alternative cryptocurrency projects. The unpredictability of these surges is highlighted, with assets like Solana, Pepe, Shiba Inu, and even HarryPotterObamaSonic10Inu (yes, it’s true) experiencing significant gains. Monitoring each project’s volume is recommended.

Santiment additionally keeps a close watch on the development activity on GitHub for various blockchain projects. Notably, the blockchain oracle network, Chainlink (LINK), has re-entered the top five in this aspect.

Read Also: Growing Confidence Spurs Continued Institutional Investment in XRP Throughout the Year

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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