30.8 million ADA held by whales as ADA drops 12% of its value CardanoADA CardanoCommunity
, more than 30.8 million ADA currently sit in whales' portfolios—specifically the top BSC whales. WhaleStats tracks up to 4,000 of the largest BNB Chain wallets , which are worth an average of $886,582. This excludes known exchange addresses and project wallets.
WhaleStats reports that the top 100 BSC wallets are presently holding 30.8 million ADA, presently valued at more than $20.8 million. For instance, a large holder named"Dinah Soar" boasts over 2,300 ADA in its wallet. This significant amount of ADA held by whales might suggest accumulation by these large holders. On-chain data suggests whales entering a massive accumulation phase after a seven-month dumping stretch.
Meanwhile, due to continuous market instability, the price of Cardano has dropped roughly 12% in the last 24 hours. ADA has underperformed this year, plummeting by more than 43% since the start of the year. After recording big gains in the past year, ADA is now down 78.46% from its all-time high set in September 2021, just before the Alonzo hard fork update.
Cardano founder Charles Hoskinson explains ADA's poor performance, stating that cryptocurrencies might have entered a bear market.Hoskinson admits that no announcement will have an impact. As a result, despite the protocol's expanding technical capabilities and growing community, the ADA price might continue to struggle.
With many innovative new products, the Cardano ecosystem is rapidly expanding. Djed, a decentralized algorithmic stablecoin, went live in public testnet recently. Over the weekend, ErgoDex,Cardano founder and IOHK CEO Charles Hoskinson notes Djed's launch as a major milestone for algorithmic stablecoins. ADA trades at $0.
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