Advertisement
AD

Main navigation

Cardano Whales Dump 1 Billion Tokens, What's Next for ADA Price?

Advertisement
Fri, 8/09/2023 - 9:36
Cardano Whales Dump 1 Billion Tokens, What's Next for ADA Price?
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Renowned crypto analyst Ali Martinez has recently highlighted a significant development in the Cardano (ADA) ecosystem. Over the past week, large ADA holders have moved a substantial 1.02 billion tokens from their wallets, prompting speculation about the cryptocurrency's future.

Advertisement

Related

Martinez's analysis indicates that these whale accounts, holding between 10 million and 100 million ADA tokens, collectively possess a noteworthy 11.95 billion ADA. This represents approximately 33.3% of the total ADA token supply, a fact that captures the attention.

Despite the substantial influx of tokens into the market — valued at approximately $265 million — ADA's price has remained relatively stable, exhibiting a modest 1.2% increase since the beginning of September.

Related

Nevertheless, it is essential to approach this situation with caution. ADA's current price is hovering near a critical support level, the same price point at which it was initially listed on Binance four years ago. The last time Cardano token dipped below this level was in early June, resulting in a 40% loss over just five days.

Article image
ADA to USD by CoinMarketCap

ADA holders should be closely monitoring the potential impact of these influential whales on the token's price. The central question lingers: what lies ahead for Cardano, and can it withstand the pressure of significant whale activity? As a token faces potential challenges, its future trajectory remains uncertain, with market enthusiasts eagerly awaiting further developments.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD