- Cardano (ADA) faces a 4% weekly price decline, dropping to $0.2476.
- Cheeky Crypto examines wallet data, raising questions about ADA whale sell-offs.
- Some ADA enthusiasts dispute claims of significant investors selling off their ADA holdings.
Over the past week, the Charles Hoskinson-led blockchain project Cardano (ADA) saw a negative growth of nearly 4%, putting its price at $0.2476, while crypto market participants traded below $69 million worth of the digital asset.
Amid ADA’s unsavory performance, Cheeky Crypto, a well-known crypto-analysis channel on YouTube, argued that whales or significant investors in Cardano are selling the coin en masse. Before Cheeky Crypto came to its conclusion, it analyzed wallets holding ADA in various tiers, including those with a portfolio of above 100 ADA alongside holders of over 10,000, 100,000, and one million ADA tokens.
The analysis covered various time frames. It included the percentage change in the last week, 30 days, six months, and 365 days. Cheeky Crypto observed changes in the wallet tier of those holding above 100 and 1,000 ADA tokens.
The presenter acknowledged that the count of this category of investors has significantly increased. Specifically, he mentioned they have been on an accumulation spree as ADA prices dropped within the past year. Meanwhile, pondering the supply of their ADA tokens, he posed a critical question: “Who are they buying their ADA from?”
Upon observation of holders of 100,000 units of ADA, he observed a substantial percentage decline in their count. The chart Cheeky Crypto shared depicted that their numbers barely grew 7.2% since last year, unlike the 23% growth observed for holders of 100 ADA.
In parallel, the count of major ADA investors, specifically those holding above one million units, saw negative growth. Interestingly, this category of ADA investors saw negative growth across all timeframes, suggesting they could have been taking profits from the portfolio.
Cheeky Crypto argued that the negative percentages imply that the ADA whales were taking profits. Meanwhile, some ADA enthusiasts have disputed the data suggesting whales are selling their ADA portfolio.
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