According to the latest post by cryptocurrency analysis company Santiment, Cardano (ADA) has been drawing attention with its performance compared to the rest of the cryptocurrency market.
The analytics firm argued that in order to gain insight into Cardano’s near-future status, one should focus on whale and shark wallets, which represent smaller investors.
According to analysts, the number of crypto whales holding at least 1 million ADA coins in their wallets has been steadily increasing since the end of November 2023. During this 15-month period, whale wallets collected a total of 1.41 billion additional ADA, thus controlling 2.35% of the total supply.
With all the volatility, the ADA price rose 107% during this period of accumulation by whale and shark investors, according to Santiment.
On the other hand, Grayscale recently filed an application with the SEC for its Cardano Spot ETF product. Considering that ADA has been considered a security by the SEC in the past, the approval process may take a while, but under the new cryptocurrency-friendly management, almost all major cryptocurrencies are expected to have an ETF.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/analytics-firm-says-large-whales-and-sharks-in-mega-accumulation-phase-in-surprise-altcoin/