According to WhaleStats, Cardano (ADA), the seventh-largest cryptocurrency by market cap, is making a comeback among the top 10 purchased digital tokens by Binance Smart Chain (BSC) whales. This comes after a top BNB whale bought a whopping 5 million ADA.
Cardano (ADA) Buying Spree Begins?
Going by the report, a whale ranking fifth among the top 1000 BNB whales recently bought 5 million ADA worth $5.9 million.
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WhaleStats tweeted, “A BNB whale just bought 5,000,000 ADA ($5,950,000 USD). Ranked #5 on WhaleStats.”
🐋🐋 A BNB whale just bought 5,000,000 $ada ($5,950,000 USD).
Ranked #5 on WhaleStats: https://t.co/hIYWIKcuWg
Transaction: https://t.co/4ha4MRz7Li#ADA #BEP20 #BNB #whalestats
— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) February 9, 2022
Large holders of coins are often called whales. They usually take advantage of dip and consolidation periods to hodl the digital assets of their choice at a discount. So, the recent whopping purchase of Cardano (ADA) shows that the crypto seems to be seeing an increase in buying pressure among mid-term holders.
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An IntoTheBlock’s data that contains Cardano holder’s composition by time held shows that only 7% of ADA holders have kept their tokens for more than a year, while 71% have held them between one and twelve months, and 22% held them for less than a month.
The data shows that Cardano (ADA) is majorly held by short and medium-term investors. This could serve as an indication that ADA has been under buying pressure from this group of investors.
Read Also: Number of Cardano Whales Has Surged Roughly 15,000% since Mid-December 2021
Cardano (ADA) in the Market
The price of Cardano (ADA) extended its rebound from lows of $1.17 tested on 3rd February to highs of $1.26 on 8th February, where it hit a resistance.
At the time of filing this report, ADA is trading at $1.21, with a 2.4% price increase in the last 24 hours, according to CoinMarketCap. The price of the cryptocurrency remains relatively 60% down from its September 2021 all-time high of $3.10.
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