Whales Acquire 560 Million ADA Worth Approx $218M Over 2 Weeks

• On April 5, 2023, the spending binge that had begun around March 26 gathered steam. 
• Cardano’s price has increased by more than 25% during the last month.

The cryptocurrency market is surging, climbing back up from its 2022 lows. Improving sentiment for crypto assets has fueled the rebound surge, and crypto Whales have taken advantage of the recent “buy the dip” chance to boost their holdings.

On-chain data shows that Cardano whales have been on an acquisition binge for the better part of two weeks. Over this time frame, the whale addresses acquired an estimated 560 million ADA tokens, with a total value of around $218 million.

On April 5, 2023, the spending binge that had begun around March 26 gathered steam. According to the numbers, it seems that Whale made repeated purchases of ADA. Despite the market’s general neutral trend for the last few weeks after a sudden surge, Cardano’s price has increased by more than 25% during the last month. 

Comparison with Ethereum Staking Wallets

Previously, Cardano’s founder Charles Hoskinson made a comparison between the number of ADA staking wallets and Ethereum staking wallets in a tweet. According to him, Cardano stands out from the crowd because its superb staking system seems to have been carefully crafted over time.

According to information provided by the ADA founder, 1.23 million individual wallets are now taking part in Cardano staking. Yet, there are only 88.4k unique wallets in the Ethereum staking database. However, all eyes are on the upcoming Shanghai upgrade since investors are optimistic about this bullish trigger event.

According to CMC, the Cardano price today is $0.388807 USD with a 24-hour trading volume of $191,982,696 USD. Cardano is up 0.13% in the last 24 hours.