Cardano blockchain’s native currency and utility token ADA has been among the top performers in the first quarter of 2023, posting a gain of roughly 30% in the past 30 days.
Consequently, deep-pocketed cryptocurrency investors have picked up high interest in the top-ranked crypto project by market capitalization, resulting in the increasing accumulation of the coin.
As per IntoTheBlock’s Cardano balance by holding chart shared by the Twitter user Ali, top investors holding between 100,000,000 and 1,000,000,000 ADA are taking advantage of the token’s current bullish set-up, filling their bags with millions of ADA cumulatively.
Notably, over the past two weeks, a total of 560,000,000 ADA have been purchased on exchanges by Cardano whales holding between 100 million and one billion tokens.
According to Ali, “Cardano whales are on a shopping spree! Over the past 2 weeks, they’ve scooped up 560 million $ADA tokens, valued at $218.4 million.”
The ADA holdings chart shows that Cardano whales began their recent buying spree in late March when the coin was still trading around $0.35. But on April 5, a notable spike was recorded in the volume of ADA held by wallets 100M and 1B as approximately 5.8 billion tokens were scooped by Cardano whales.
Likewise, top investors holding between 1M and 10 million ADA tokens have also been grabbing ADA as they perceive a rally is imminent. Ali wrote, “Cardano whales holding 1 million to 10 million ADA have bought roughly 150 million ADA over the past month, worth $57 million, shows on-chain data from Intotheblock.
This development comes shortly after Milkomeda’s co-founder and Chief Technology Officer Sebastien Guillemot announced that Cardano will become one of the largest EVM chains by user count.
