Whales Seen Accumulating Cardano (ADA)

Despite the recent price movement for ADA, according to on-chain analytics firm IntoTheBlock, Cardano millionaire addresses are aggressively acquiring. After falling to $0.92 on Jan. 22, ADA has been trading sideways. ADA was trading at $1.06 at the time of publishing.

In just the first month of 2022, the amount owned by addresses with 1-10 million ADA has climbed by 40.65 percent, according to IntoTheBlock. These addresses now possess 24.87 percent of the circulating supply, which is at 33.57 billion ADA, according to the report.

Diverse levels of whales appear to be accumulating in ADA. Since mid-December 2021, the number of Cardano addresses having a balance of 10,000 to 1,000,000 ADA has surged by a whopping 15,000 percent. In late January, these group of investors increased their holdings by $53.6 million in tokens.