According to WhaleStats data, Cardano has made a comeback among the top 10 purchased tokens by BSC whales. This comes after a top BNB whale purchased a whopping five million ADA.
WhaleStats reports that a BNB whale ranking fifth among the largest 1,000 BNB whales it tracks bought five million ADA, or $5,950,000 worth.
Large holders, or whales, are typically known to use periods of dip and consolidation to accumulate their favorite tokens at a discount. ADA seems to be seeing pressure from mid-term holders.
According to IntoTheBlock's holder composition by time held, only 7% of ADA holders have kept their tokens for more than a year, while 71% have kept them for between one and twelve months, and 22% have kept them for less than a month. The fact that the majority of ADA holders are short and medium-term investors could indicate that ADA was under buying pressure from this group.
ADA price action
The Cardano (ADA) price extended its rebound from lows of $1.17 reached on Feb. 3 to highs of $1.26 on Feb. 8, where it met subtle resistance. At the time of publication, ADA was trading at $1.18, down 2.88% in the last 24 hours per CoinMarketCap data. The ADA price remains down nearly 61.84% from its September 2021 all-time high of $3.10.
Despite the lull in ADA's price action, the Cardano blockchain has seen substantial growth over the last year. The blockchain recently reached a milestone of three million wallets. Since late 2020, according to Kraken's latest report, network activity has increased dramatically, as well as adoption. SundaeSwap, the first decentralized exchange built on Cardano, recently launched on the blockchain's mainnet. MELD, a noncustodial banking protocol, SpaceBudz, a non-fungible token platform, and Nami, a wallet extension, are among the most well-known Cardano projects.
The total value locked in the Cardano ecosystem has also neared the $100 million mark.