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These Investors Buying Up Cardano (ADA) En Masse, What Is Their Plan?

Sun, 12/04/2022 - 11:56
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Gamza Khanzadaev
Cardano unexpectedly gains momentum among these investors
These Investors Buying Up Cardano (ADA) En Masse, What Is Their Plan?
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Cardano (ADA) has become one of the most bought assets by the top 2,000 whales on Binance Smart Chain in the past 24 hours, according to WhaleStats, a portal that tracks the activities of major crypto investors across various networks.

This is not the first time in recent weeks that ADA has attracted the attention of BNB holders specifically, and it has regularly been included in such news bulletins. Similar accumulations were previously reported by U.Today in September and November.

Cardano: Whales Accumulate as Community Awaits Huge News

The top 100 whales on Binance Smart Chain currently hold 21.4 million ADA, equivalent to $6.87 million. The Cardano token's share of the total portfolio of this investor group is 0.86%. In total, there are 500,768 Cardano-holding addresses on the BSC network.

This kind of overlap between two different crypto ecosystems may seem strange, but we are talking about whales, so the financial issue obviously comes first. So what opportunity do big investors see in ADA at the moment?

Cardano (ADA) Shows Crazy Development Activity, Competitors Massively Outperformed

Cardano (ADA) price action

For the past three weeks, ADA has been holding above the $0.3 level, which is extremely positive. In fact, this level is the lower end of the corridor, where the ceiling is located at $0.4.

Source: TradingView

All other things being equal, it could be that the price of ADA has come to its bottom and is now an attractive asset to accumulate. That said, appreciating the relatively low volume of purchases, albeit by whales, one can see some caution in their investment decisions about this asset.

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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.