Wed. Apr 17th, 2024

Santiment, the cryptocurrency analysis company that provides sources and market information for a large number of projects, has recently revealed some charts demonstrating a massive increase in ADA accrual by a small percentage of buyersso it is said that this cryptocurrency could be operating in undervalued territories, according to the metrics disclosed by the platform.

Stay until the end!

ADA whales continue to fatten.

As the Cardano ecosystem continues to expand, ADA whales continue to gain ground, while the cryptocurrency’s capitalization slowly declines, meaning that only a small percentage of ADA holders are accumulating large amounts of tokens.

Santiment report.

SanR, a prominent member of the Santiment community, which provides market forecasts, recently highlighted the situation, citing three metrics to support the claim. In particular, an increasing accumulation pattern has been noted between people addresses with 100k to 1 million ADA tokens and whale addresses ranging from 1 million to 10 million ADA.

This accelerated accumulation has increased after the fall of FTX that sent the crypto market down to levels not seen for a long time, with which many groups of investors or individuals have taken possession of a large percentage of cryptocurrencies acquired at fairly low prices.

Possible ADA price rally?

These addresses have accumulated millions of ADA tokens since November 11, leading to a cumulative balance of 5.91 billion ADA at the time of writing, something not seen since early May 2022 when some ADA addresses managed to acquire up to 83 million tokens in just 7 weeks. According to SanR, this is a bullish indicator for the asset, as a price increase is expected shortly.

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By Farwa Raza

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