The digital asset market is currently experiencing a surge, bouncing back from the lows of 2022. This recovery rally is fueled by an improvement in sentiment towards crypto assets, and crypto Whales have seized the opportunity to increase their holdings by buying the dip.
#Cardano Whales Accumulate Over $200 Million in ADA Tokens According to on-chain data, Cardano whales have been on an accumulation spree for the past two weeks. These large investors have added approximately $218 million worth of #ADA tokens to their addresses, totaling around 560 million tokens.
The accumulation spree began on March 26, 2023, but picked up pace on April 5, 2023, with whales adding hundreds of ADA in multiple transactions. This surge in accumulation has helped counter the downward trend of Cardano's price, which has managed to surge by over 25% in the past 30 days.
At the time of writing, ADA is trading at an average price of $0.387, with a 24-hour trading volume of $197 million, up by 6%. Despite a dip in price on March 27, 2023, to an average of $0.34, the recent surge in whale accumulation has helped Cardano's price register a recent high of $0.4077 on March 31, 2023.
This news is a positive sign for Cardano investors, as the accumulation of ADA tokens by whales indicates confidence in the cryptocurrency's future growth potential.
