As data from crypto analytics portal Santiment shows, the price of Cardano’s native token, ADA, touching the $0.38 per token mark has provoked a reaction from Cardano millionaires. The first time the ADA price crossed that milestone was more than a week ago, having risen by a further 5% since then.
The data shows that those investors whose positions in the Cardano token are between 1 million and 100 million ADA started selling their holdings back then, on Jan. 21. Their number has now dropped by 31 addresses which, given the size, means at least 31 million ADA were poured onto the market.
The passengers got off
On the whole, we can see from the chart that the number of so-called Cardano millionaires has returned to the levels of early January and stands at 2,828 addresses. This fact suggests that those who got rid of ADA at $0.38 were aiming for short-term and quick profits, but the majority of investors of this size are currently sticking to a longer-term vision and are probably counting on a continuation of the positive trend.
Since #Cardano surpassed the $0.38 level on Jan. 21, roughly 31 addresses holding 100,000 to 1,000,000 $ADA have sold or redistributed their #ADA tokens, shows on-chain data from @santimentfeed. pic.twitter.com/rzuM3rai8Z
— Ali (@ali_charts) January 29, 2023
ADA, meanwhile, has failed to break the other important $0.4 mark and move out of the range in which it had been trading since mid-October. Perhaps the soon-to-be-released native ecosystem stablecoin, Djed, will help Cardano to overcome such strong resistance.