Cardano sharks intensify accumulation, but will it help ADA this time?

December 24, 2022

By Abiodun Oladokun

• Holders of 10,000 to 100,000 ADA coins have increased their holdings.

• Whale holdings, however, have dropped in the last year.

• Cardano saw on-chain growth this year despite the downtrend. 

Despite the persistent decline in Cardano’s [ADA] price in the last few months, holders of 10,000 to 100,000 ADA coins intensified coin accumulation to hold their largest percentage of ADA’s supply since June 2021, data from Santiment revealed. 

Data from the on-chain analytics platform showed that this cohort of key ADA holders, commonly referred to as sharks, have been accumulating the altcoin steadily since June. 

While FTX’s unexpected collapse plunged many crypto assets, including ADA, to severe lows, these sharks remained undeterred and added ADA coins worth $83 million to their investment portfolios since 7 November. 

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