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HomeCryptocurrencyBinance (BNB) Whale Just Grabbed 5 Million ADA $5.9 Million: Details

Binance (BNB) Whale Just Grabbed 5 Million ADA $5.9 Million: Details

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.

Read Also: New Version of Cardano Daedalus Wallet Comes With Great Features and Improvements

WhaleStats tweeted, “A BNB whale just bought 5,000,000 ADA ($5,950,000 USD). Ranked #5 on WhaleStats.”

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.

Read Also: CCRI Research: Cardano Consumes Least Amount of Electricity per Node of all PoS Projects

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.

Binance (BNB) Whale Just Grabbed 5 Million ADA $5.9 Million: Details
Courtesy of IntoTheBlock

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.

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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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Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.
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