Cardano (ADA), which has recorded a significant gain in the last 24 hours and has joined the top market movers today and is currently trading at $0.3869. The bullish surge that has engulfed the entire sector is currently the main factor causing ADA’s rise.
The market appears to be entering another bull run, and ADA whales are profiting from the price movement. This causes a significant increase in their weekly transacted volume, bringing it back to a six-month peak.
However, over the past month, ADA has seen a substantial change in its investor base as large holders and whales reduced their holdings. The number of Cardano whales holding between 100 million and one billion ADA tokens has decreased by 25% over the past 30 days, according to data from IntoTheBlock. The number of holdings in the 10 million to 100 million ADA bracket has also decreased, which suggests that these investors are cashing out in the current rally.
This indicates that the current rally is primarily driven by smaller investors, or “small fish,” entering the market. Cardano’s price has increased 17% in the previous 30 days as a result, showing the influence that individual investors have in the cryptocurrency market.
These important investors have greatly expanded their activity on the blockchain and are now paying attention to the network that is still one of the top rivals for the top smart contract network.
In contrast, Santiment had disclosed that Cardano had recently witnessed a significant increase in interest in whale accumulation. According to the data, addresses with 10,000 or more ADA have amassed over 1.03 billion tokens totaling 3.3% more coins throughout. At the time of writing, ADA is trading at $0.37 and is down by more than one percent.