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Cardano Millionaires Took Advantage of Latest ADA Price Rise, Here's How

Mon, 01/30/2023 - 09:23
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Gamza Khanzadaev
Cardano whales react differently to recent ADA surge in quotes
Cardano Millionaires Took Advantage of Latest ADA Price Rise, Here's How
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As data from crypto analytics portal Santiment shows, the price of Cardano's native token, ADA, touching the $0.38 per token mark has provoked a reaction from Cardano millionaires. The first time the ADA price crossed that milestone was more than a week ago, having risen by a further 5% since then.

Cardano (ADA) About to Have Big Week

The data shows that those investors whose positions in the Cardano token are between 1 million and 100 million ADA started selling their holdings back then, on Jan. 21. Their number has now dropped by 31 addresses which, given the size, means at least 31 million ADA were poured onto the market.

The passengers got off

On the whole, we can see from the chart that the number of so-called Cardano millionaires has returned to the levels of early January and stands at 2,828 addresses. This fact suggests that those who got rid of ADA at $0.38 were aiming for short-term and quick profits, but the majority of investors of this size are currently sticking to a longer-term vision and are probably counting on a continuation of the positive trend.

Cardano Founder: Things Moving Quickly, Tons of DApps Coming Online

ADA, meanwhile, has failed to break the other important $0.4 mark and move out of the range in which it had been trading since mid-October. Perhaps the soon-to-be-released native ecosystem stablecoin, Djed, will help Cardano to overcome such strong resistance.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.