Large cardano (ADA) investors have accelerated their accumulation of the Cryptocurrency as a bear market is forming. This was reported on Twitter by analyst firm Santiment.
#Cardano whale addresses holding $1M to $10M $ADA are accumulating their bags these past 5 weeks (196M more $ADA) after a 7-month stretch of dumping (-1.7M less $ADA). The 9th largest market cap asset recently hit prices last this low in February, 2021. https://t.co/co8BcqHJAF pic.twitter.com/OXpbu3KSXp
Santiment (@santimentfeed) May 3, 2022
According to the tweet, addresses with 1 million to 10 million ADA ($680,000 to $6.8 million) have been actively buying up ADAs for the past five weeks. During that time, the Whales have bought up about 196 million ADAs (~$133 million). However, during the previous seven months, before the beginning of the accumulation of assets, the “whales” mainly sold ADA.
At the same time, Cardano chief ideologist Charles Hoskinson responded to criticism from users of the network that the price of ADA continues to fall in spite of constant updates to the project. Hoskinson tweeted that the drop in quotations was due to a bear market. He also added that during such a trend, nothing will help the Cryptocurrency in terms of price.
As of this writing, the price of Cardano in the ADA/USD trading pair is down 12.5% at $0.65, according to CoinGecko. On a weekly scale, ADA is down 17.2%. Market capitalization fell to $22.2 billion.
Since the beginning of the year, ADA has been the second-largest loss in the top 10 Cryptocurrencies by capitalization. Thus, the price of ADA collapsed by more than 50% since January 1, 2022. In first place by losses is Solana (SOL) ecosystem Token, which has lost more than 57% in price since the beginning of the year.