Why Whales Have Been Stocking up on ADA Over the Last 6 Weeks

• The Santiment team wonders if ADA is undervalued.
• ADA sharks and whales have been accumulating the token.
• The token saw a 4.81% drop in price over the last 24 hours, and now trades at $0.2513.

The market intelligence platform Santiment took to Twitter on December 27 to share some information about Cardano (ADA) and what has been happening with the Ethereum killer over the past few weeks.

According to the post, key members of the Santiment team believe that ADA could be undervalued at the moment. They believe that this is evident in the fact that ADA sharks and whales, holding more than 100k to 10 million ADA, have been accumulating the token over the last six weeks.

Unfortunately, this has not yet been reflected in the price of ADA. CoinMarketCap indicates that ADA saw a 4.81% drop in price over the last 24 hours, and now trades at $0.2513. The altcoin also saw a high of $0.265 and a low of $0.2512 over the same time period. ADA is also still down by about 0.38% over the last week.

The crypto also weakened against both Bitcoin (BTC) and Ethereum (ETH) by about 3.53% and 2.68% respectively over the last day. ADA’s 24 hour trading volume, however, is in the green zone at the moment and now stands at $206,813,530 after a more than 50% increase since yesterday.

With its market cap of $8,669,289,653, ADA is currently ranked the 9th biggest cryptocurrency in terms of market capitalization. This places the Ethereum-killer right behind Dogecoin (DOGE) which is ranked 8th and in front of Polygon (MATIC) which is ranked 10th on the list of the biggest cryptos in the market.

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