Cryptocurrency The recent drop in the market hasn’t stopped big investors from buying more of certain altcoins. medium sized cardano It was noteworthy that their wallets doubled the amount of ADA they held in less than two weeks.
Whales’ Appetite for Cardano (ADA) Increases as Price Drops
There is no denying that in mid-January the cryptocurrency industry experienced a sharp decline. During the crash, the cryptocurrency market lost more than $500 billion in a week. ADA, which climbed up to $ 1.65 on January 18 and reached the peak of the last six months, was one of the altcoins that suffered the most during the correction period.
With the bears increasing their strength, the altcoin, which lost 65% of its value from the aforementioned peak, declined to $ 0.92 on January 22. The cryptocurrency, which has compensated for some of its losses since this date, is still trading at a 25% lower level than at the beginning of the year.
Despite this, the decline does not seem to have whetted the appetite of some investors for ADA, according to the data. In fact, the situation may be the opposite according to Santiment data. According to the analysis company’s report, Cardano wallets with 10,000 to 1,000,000 tokens purchased $55 million of ADA in just two weeks.
🐳 #Cardano‘s price, like many #altcoins, have plummeted in the past 10 days, dropping -34%. However, large addresses holding between 10k and 1M $ADA, own 113% more in their collective bags since the drop on January 17th, accumulating $53.6M in tokens. 📈 https://t.co/9V50jyrBlX pic.twitter.com/tQdwa7ym38
— Santiment (@santimentfeed) January 28, 2022
When we evaluate it proportionally, we observe that these medium-sized crypto money whales increased their ADA assets by more than 110% in 11 days.
The Cardano ecosystem recently launched its decentralized finance app, SundaeSwap.
*Not investment advice