Cardano whales multiply

The ADA price has only been going down in recent months. Still, it is no reason for Cardano whales to worry. As a matter of fact, more Cardano whales are showing up.

Data from the blockchain analytics platform Santiment shows that Cardano whales are increasingly investing in ADA. On top of that, Cardano whales are growing. According to the report, there are now more than 25,000 wallets with more than 100,000 ADA.

For 2023, the number of whales is at its peak. The last time there were this many large ADA addresses was in April 2022.

Santiment also notes, "Once Bitcoin rises above US$30,000, it has an immediate positive impact on coins like Solana, Pepe and Shiba Inu."

The news did little to help the ADA price. The cryptocurrency trades at US$0.277 after a week of losses of 7 percent.