Large Cardano investors have been taking advantage of the massive dip in ADA prices to increase their holdings in the asset class.
Fresh data from on-chain cryptocurrency analytics provider Santiment shows that large Cardano investors, especially owners of addresses holding between 10,000 and 100,000 ADA, have recently grown their portfolio.
Per Santiment, addresses in this category added a massive 79.1 million ADA, worth around $37.84 million, to their respective portfolios, in the last 30 days.
“As #Cardano’s price performance has stayed particularly underwhelming in 2022, addresses holding 10k – 100k $ADA are now accumulating. They’ve added 79.1m $ADA to their collective bags in 30 days,” Santiment tweeted today.
ADA’s Price Dip Creates Opportunity for Whale Investors
Recall that in the last 30 days, ADA has been badly hit by the ongoing crypto winter. The cryptocurrency’s value has plummeted 27% within this period. Thus, causing panic among small ADA investors.
However, large holders see the price dip as the perfect opportunity to boost their ADA holdings, in preparation for an imminent surge.
Aside from the massive accumulation of ADA among addresses holding between 10,000 and 100,000 Cardano coins, Santiment noted that whale addresses have stopped dumping the asset class.
“Meanwhile, 100k – 10m whales have ceased their dumping,” Santiment adds.
🐳 As #Cardano’s price performance has stayed particularly underwhelming in 2022, addresses holding 10k – 100k $ADA are now accumulating. They’ve added 79.1m $ADA to their collective bags in 30 days. Meanwhile, 100k – 10m whales have ceased their dumping. https://t.co/ucHo0RjwfB pic.twitter.com/dqcdTj0uHN
— Santiment (@santimentfeed) July 9, 2022
Upcoming Vasil Hard Fork Propels Whale Accumulation
The massive accumulation of a particular cryptocurrency asset usually suggests investors’ confidence in the asset. The move is usually followed by a rally in the coin’s value at any slight opportunity.
It is not surprising to see whale investors increase their ADA holdings given that positive developments are around the corner for Cardano.
As reported by TheCryptoBasic, Input Output Global (IOG), the firm responsible for Cardano’s research and development, will be launching the long-awaited Vasil Hard Fork by the end of this month.