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In the case of Cardano [ADA] Whales are whales, for what it’s worth

For any cryptocurrency project, the key stakeholders are the addresses of 10,000 to 10,000,000 of the project’s tokens. Their trading activities are a major determinant of what to expect from the token’s price.

According to Sentiment, addresses range from 10,000 to 10,000,000. Cardanos ADA The tokens have intensified the accumulation trend over the past few days. Since July 27, these addresses have added a total of 0.46% of ADA’s existing supply to their portfolios. This represents over $138 million worth of ADA collections in about ten days.

Has there been any impact on the price in the last ten days? Let’s take a look.

The ADA doesn’t care

Despite a mild uptick in ADA’s whale collection since July 27, the alt price has mainly consolidated in a tight range. Exchanging hands at $0.5174 at press time, ADA managed to rally from the $0.5105 price level that closed the trading day on July 27.

Interestingly, despite the increase in whaling in the last ten days, trading activity has recorded a gradual decline during that period. At 520.56 million at press time, trading activity for the token is down 47% from over 1.1 billion on July 27.

On the daily chart, ADA’s Relative Strength Index (RSI) and Money Flow Index (MFI) were noted flat at 56.18 and 62.01 respectively. This indicated a fall in buying pressure.

On the price front, ADA’s price has moved up by 1.42% on the charts in the last 24 hours.

Source: TradingView

On-chain performance

According to Sentiment, during the review period, ADA’s 30-day MVRV rose to +5.499%. This indicated that a significant number of investors saw profits during this period. However, with negatives feeling weighted at press time, the price bounce could be especially noticeable for those looking to go against the crowd.

Source: Sentiment

obey Adjournment In Cardano’s Vasyl upgrade on July 28, the network’s development activity was also flat. With a 0.11% drop in development activity over the past 10 days, one might question whether the upgrade was really changed for more testing as the project claimed.

There has been a decline in the social arena for the past ten days. Its social dominance and social proportion fell by 31% and 89% respectively.

Source: Sentiment

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