BlocksInform
Health data shows that cardano whales and sharks have been busy racking up this year as they have added nearly 406 million ada to their assets.
Whales and cardanos have been stockpiling since the beginning of 2023.
As per data from the on-chain analytics firm Santiment, whale transaction activity has recently been the highest for the coin since the collapse of the crypto exchange FTX. The relevant indicator here is the “ADA Supply Distribution,” which tells us what percentage of the total Cardano supply is being held by each of the cohorts in the market.
Cohorts here refer to groups of portfolios divided by how many coins they currently hold. For example, the 1-10 piece group includes all addresses with a minimum of 1 and a maximum of 10 ADAs currently.
The supply distribution measure for this cohort would then indicate the percentage of total outstanding supply currently contributed by portfolios within this group.
Within the context of today's discussion, the groups of purses concerned are those falling within the range of 100.000-100.000.000 coins ("groups" in the plural because this range is composed by the fusion of three different groups of purses).
The chart below shows the trend in the Supply Distribution for this range:
Looks like the value of the metric has been climbing in recent weeks | Source: Santiment on Twitter
As the graph shows, Cardano's 100,000-100,000,000 coin portfolios have seen their combined balances increase since the beginning of 2023. Overall, investors with these addresses added an additional $405.85 million (approximately $159 million at the current exchange rate).
Since the range of 100,000-100,000,000 coins is limited to $39,000 and $39,000,000 in US dollars, these portfolios would only belong to large investors in the market. More specifically, the range includes two very important cohorts for Cardano: the whales and sharks.
Because the assets of these groups are so large, their activity may sometimes have significant impacts on the price of cryptocurrency. As a result, sales and purchase trends may need to be monitored as they may precede changes in asset values.
2023 has so far been great for Cardano as the coin has rallied almost 60% since the start of the year. As whales and sharks piled up large quantities while this gathering took place, It seems that it was the purchase of these key cohorts that led to the increase in prices.
The chart also includes data for the “whale transaction count,” which tells us the total number of transfers taking place on the blockchain that is at least $100,000 in value. This indicator has recently seen a very strong peak and has reached the highest level since the FTX accident, showing that whale interest in ADA is quite high at the moment.
As of this writing, the price of Cardano hovers around $0.39, an increase of 3% last week.
ADA seems to have not moved much in the last few days | Source: ADAUSD on TradingView
