Data from the chain shows that the Cardano sharks and whales have quietly amassed the assets even as the price has suffered a decline.
Cardano sharks and whales increased supply share by 1.6%
In a new after at X, on-chain analytics company Santiment discussed the latest trend in Cardano shark and whale offerings. The indicator of interest here is the ‘Supply Distribution’, which tells us about the amount of circulating ADA stock held by a particular portfolio group.
Addresses or investors are divided into these cohorts based on the number of tokens they have on their balance. For example, the 1 to 10 coin cohort includes the wallets holding between 1 and 10 ADA.
In the context of the current topic, the interest is between 100,000 and 100 million coins. At the current exchange rate, the bottom converts to $30,400 and the top to $30.4 million. Given the size involved, the scope would include some of the most important investors in the market who control a significant amount of money.
Holders of this species are popularly called sharks and whales. Moves made by these traders can sometimes have an effect on the market, so it can be worth keeping an eye on them. If nothing else, the behavior of these groups can be revealing about the sentiment among the influential entities.
Here is the graph shared by Santiment showing the trend in the supply distribution of the Cardano sharks and whales over the past few months:
As shown in the chart above, Cardano sharks and whales have seen their supply distribution increase in recent months, indicating that the big investors have accumulated.
More specifically, the Sharks and Whales have added 819.4 million tokens (currently worth $248 million) to their wallets over the past six months. This has increased their supply share in the cryptocurrency from 66.84% to 68.44%.
Interestingly, while the sharks and whales have expanded their supply during this period, the price of the asset has instead witnessed a significant decline. The timing could indicate that key investors have seen the price drop as an opportunity to enter the market at a lower level.
The graph shows that the accumulation trend has become particularly steep this month. It now remains to be seen whether this purchase will pay off for the Cardano sharks and whales, or whether the assets will decline even further.
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Cardano has seen a strong increase of 14% in the last 24 hours, pushing its price to $0.30.