2023-9-12 19:52 |
According to data shared by cryptocurrency analyst Ali Martinez, Cardano whales have sold or redistributed approximately 1.02 billion ADA (over $265 million), the native currency of Cardano, in the last week.
As per the chart presented by the expert, this unusual movement in the Cardano market could be a clear sign of doubt among major ADA investors and holders. ADA has fallen by 92% from its peak price of $3.10 in September 2021 to $0.2479. However, while some view it as a negative signal for Cardano’s future, others argue that it’s an everyday occurrence in such a volatile market.
#Cardano whales have sold or redistributed roughly 1.02 billion $ADA over the past week, worth around $265 million. pic.twitter.com/5HuEyj2HB4
— Ali (@ali_charts) September 7, 2023 Industry Experts Weigh In on the SalesAs reported by ZyCrypto, some crypto industry experts have pointed out that it’s not uncommon to see such sales after a significant price increase. Whales often take profits like this following the rise experienced earlier this year, alongside Bitcoin.
Nevertheless, other analysts suggest that it could also be a strategy by whales to redistribute their holdings and prevent excessive centralization within the Cardano network, which could harm confidence.
Currently, the total number of Cardano wallets is 4,275,363, with approximately 30.76% engaged in staking, according to data from Cardano Blockchain Insights. Additionally, over 1,000 new wallets are being created daily, demonstrating that Charles Hoskinson’s project remains attractive to investors despite the price decline.
Therefore, whatever the reason may be, the fact remains that these massive sales by whales often have a short-term negative impact on the price, as retail investors tend to panic and sell their coins. However, in the long term, it’s beneficial for the project’s growth and increased decentralization.
What Does the Future Hold for Cardano?Beyond the massive whale sales, the future of Cardano continues to appear promising, at least according to its founder, Charles Hoskinson. He recently stated that the project aims to become “the backbone of a new digital nation, a new society,” with ADA emerging as the “largest cryptocurrency in the world.”
As always, Hoskinson’s words were well-received by Cardano enthusiasts. However, his claims that ADA could surpass Bitcoin and Ethereum in the future didn’t have the same positive impact on the price, as it continues to approach the 2021 lows when it traded at $0.018.
ADA price on monthly timeframes. Source: TradingViewSo, although the whale movement may generate some momentary uncertainty, most experts agree that Cardano is firmly positioned for sustainable long-term growth. But will it ever reach or surpass Bitcoin in market capitalization?… It’s tough to believe, at least for now.
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