According to reports provided by WhaleStats, over 30.8 million ADA are currently held in whales’ portfolios, especially the top BNB Chain whales.
As stated in the report, the top 100 BSC wallets are presently holding 30.8 million ADA worth more than $20.8 million at current prices.
Read Also: Charles Hoskinson: Cardano’s TVL Would Have surpassed $19 Billion If Staked Tokens Were Counted
This huge amount of ADA held by whales might suggest a notable accumulation by these large holders. The on-chain data also suggests that whales are entering a massive accumulation phase after a seven-month dumping stretch.
Meanwhile, due to continuous market instability, the price of Cardano has dropped roughly 11% in the last 24 hours. Obviously, ADA has underperformed this year, dipping by more than 42% since the start of the year. After recording big gains in the past year, ADA is now down 77.46% from its all-time high set in September 2021, just before the Alonzo hard fork update.
Charles Hoskinson, the founder of Cardano, has stated that the crypto market might have entered a bear market, which is why ADA has been performing poorly lately.
Hoskinson admits that no announcement will have an impact. As a result, despite the blockchain project expanding technical capabilities and growing community, the ADA price might continue to struggle.
Read Also: Cloud Computing Platform iagon Officially Announces Migration to Cardano from Ethereum Network
The Cardano ecosystem is rapidly expanding with many innovative products that are rolling out. Djed, a decentralized algorithmic stablecoin, went live on the public testnet recently. Over the weekend, ErgoDex, Cardano’s first eUTxO cross-chain DEX, launched on its public testnet.
Hoskinson also noted that mainnet launch of Djed will serve as a major milestone for algorithmic stablecoins.
At the time of filing this report, Cardano (ADA) is trading at $0.662, with a relatively 11% price downtrend in the last 24 hours. According to CoinMarketCap, Cardano currently occupies the 8th position in the crypto market.
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