Cardano Whales, Sharks Have Accumulated 406M ADA In 2023: Santiment

Keshav Verma

2 years ago

3 mins read

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Data from Santiment shows Cardano whales and sharks have been busy accumulating this year as they have added almost 406 million ADA to their holdings.

Cardano Whales And Sharks Have Been Accumulating Since The Start 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.

The cohorts here refer to wallet groups divided based on the number of coins that wallets belonging to them are currently holding. For example, the 1-10 coins group includes all addresses that are carrying at least 1 and at most 10 ADA right now.

The Supply Distribution metric for this cohort would then show the percentage of the total circulating ADA supply that wallets falling into this group combined contribute at the moment.

In the context of the current discussion, the relevant wallet groups are the ones falling inside the 100,000-100,000,000 coins range (“groups” in the plural as this range is made up by merging three different wallet groups).

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 displayed in the graph, the Cardano wallets with coins in the 100,000-100,000,000 range have seen their combined balances rise since the start of the year 2023. In total, investors with these addresses have accumulated an additional 405.85 million ADA (around $159 million at the current exchange rate).

Since the 100,000-100,000,000 coins range has bounds equal to $39,000 and $39,000,000 in USD, these wallets would only belong to the large investors in the market. More specifically, the range includes two very important cohorts for Cardano: the whales and sharks.

Because of the fact that the holdings of these groups are so large, their activity can sometimes have noticeable influences on the price of the cryptocurrency. So, selling and buying patterns from them can be something to watch for, as they may precede shifts in the value of the asset.

2023 has so far been great for Cardano as the coin has rallied almost 60% since the start of the year. As the whales and sharks have accumulated large amounts while this rally has taken place, it would appear that it has been the buying from these key cohorts that has driven the price surge.

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 observed a very sharp spike and has hit the highest value since the FTX crash, showing that whale interest is pretty high in ADA right now.

ADA Price

At the time of writing, Cardano’s price floats around $0.39, up 3% in the last week.

ADA seems to have not moved much in the last few days | Source: ADAUSD on TradingView

Featured image from NOAA on Unsplash.com, charts from TradingView.com, Santiment.net

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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