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On-chain data shows the Cardano sharks and whales have quietly been accumulating the asset even as the price has gone through a drawdown.
Cardano Sharks & Whales Have Increased Supply Share By 1.6%
In a new post on X, on-chain analytics firm Santiment has talked about the latest trend in the supply of the Cardano sharks and whales. The indicator of interest here is the “Supply Distribution,” which tells us about the amount of the ADA circulating supply that’s held by a given wallet group.
Addresses or investors are divided into these cohorts based on the number of tokens that they are carrying in their balance. The 1 to 10 coins cohort, for instance, includes the wallets owning between 1 and 10 ADA.
In the context of the current topic, the range of interest is the 100,000 to 100 million coins one. At the current exchange rate, its lower end converts to $30,400 and upper one to $30.4 million. Given the scale involved, the range would cover some of the key investors of the market holding a notable amount.
Holders of this kind are popularly called the sharks and whales. Moves from these traders can sometimes have an effect on the market, so they can be worth keeping an eye on. If nothing else, the behavior of these groups can be revealing about the sentiment among the influential entities.
Now, here is the chart shared by Santiment that shows the trend in the Supply Distribution of the Cardano sharks and whales over the last few months:
As displayed in the above graph, the Cardano sharks and whales have seen their Supply Distribution rise over the last few months, indicating that the large investors have been accumulating.
More specifically, the sharks and whales have added 819.4 million tokens (currently worth $248 million) to their wallets over the last six months. This has taken their supply share of the cryptocurrency from 66.84% to 68.44%.
Interestingly, while the sharks and whales have expanded their supply during this window, the asset’s price has witnessed a significant drawdown instead. The timing could suggest that the key investors have been looking at the price decline as an opportunity to enter at lower levels.
From the chart, it’s visible that the accumulation trend has become particularly steep this month. It now remains to be seen whether this buying will pay off for the Cardano sharks and whales or if the asset will go lower still.
ADA Price
Cardano has observed a strong surge of 14% during the last 24 hours that has taken its price to $0.30.
