Cryptocurrency whales refer to people who hold large amounts of cryptocurrencies in cryptocurrency markets and make large transactions that can affect prices. The investment strategy often preferred by these deep-pocketed investors is “collecting from the bottom”. Accordingly, whales refer to the strategy of buying large amounts of cryptocurrencies at low price levels during the decline in crypto prices, making a profit if prices rise again. This seems to be the case for Cardano whales.
While Cardano (ADA) has not been able to perform well since the beginning of April as it lost the $0.40 support, altcoin whales have been on a savings spree for the past two weeks.
Cardano whales (large owners) have been heavily on the market for the past two weeks. The latest provided by crypto experts Ali Martinez on April 10. information Cardano whales have collected 560 million ADA in the past two weeks, worth $218.4 million.
This trend shows that Cardano is becoming increasingly attractive to institutional investors and high-net-worth individuals. The buying frenzy also shows that these investors have a strong bullish sentiment towards the cryptocurrency gaining popularity as a competitor to Ethereum (ETH) and other major players in the market.
However, despite the so-called “buying spree,” ADA’s price has not experienced an upward trajectory as a result of this increase in demand. Still, whales have taken advantage of recent price drops to expand their cryptocurrency holdings using the “buy at the bottom” strategy.
Currently, Cardano is trading at $0.3873, down 0.58% in the last 24 hours. Analyst Ali Martinez also believes that ADA has the potential to hit $0.60 if the head and shoulders pattern on the daily chart is confirmed while the altcoin price consolidates.
You can check the price movements here.