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Cardano’s Sudden Decline in Whale Population Leads to the Consolidation of the Price

After overtaking Polkadot earlier this year, Cardano made major headlines after jumping from $0.18 to $1.49. Right after this phase of the massive surge has brought ADA a consolidation phase. Michaël van de Poppe recently quoted that, it’s very natural to have a calm period after a massive impulse move.

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What caused the sudden cooling of ADA prices?

Cardano was riding high with prices skyrocketing in the month of February where major events were scheduled up for the token. Mary hard fork, the world’s largest blockchain project in Ethiopia, various other proposals in Africa, rumors about corporations with S&P 500 companies, we’re a few of them. But due to the postponement of a few events the prices seem to be resting and cooling down. Anyways the prices are expected to gain momentum and raise with time.

Are Cardano Whales Responsible?

“Changes in the number of wallets in size categories” were observed by community member Pieter Nierop. This suggests the idea that Cardano whales have reduced their holdings from February 27 to March 12.

According to statistics and research on March 12, there were only 8 instead of 9 whales holding between 100 million and 2.5 billion ADA. The number of whales has decreased from 2,294 to 2,259.  But small investors tend to contribute to the rise in the number of wallets being created. This implies that there are more small-time players and retail investors employing Cardano.

Speed of wallet creation a bit up. With this speed, we will hit over 1.5 million wallets by year-end. The percentage of wallets delegating is on a higher level now. Staked ADA went a bit down.

Also, the data shows that there was a 38.24 percent decrease in the average number of ADA in delegated wallets in the past 30 days. But the number of new wallets created per day shows a favorable elevation in the last two weeks in February (11,529 and 10,080).

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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