After multiple days of mimicking the broader crypto market downtrend, Cardano has suddenly flipped to the gainers’ side on August 22nd.
This positive trend witnessed today appears to have been spurred by the massive Cardano whale activity recorded over the last two days, according to data shared by popular crypto analyst Ali Martinez.
According to Ali, Cardano whales have scooped up 180,000,000 ADA in the last 24 hours, a bullish move signaling resilience among large investors despite the recurring market bloodbath.
$167 million in ADA in 2 Days
While the market had only flipped positive today with Cardano seeing a sudden shift in investors’ sentiments, the data suggests that the whales had doubled down on ADA while it was on the downside.
Per ADA’s price as of press time, the total ADA tokens scooped by Cardano whales over the last 2 days is worth over $167 million, signaling renewed confidence among investors.
While whales play the role of large investors who own a significant amount of the concerned cryptocurrency, the sustained interest by the large holders despite negative trends hints at a decisive attempt to buy the dip on Cardano.
Following the massive price surge witnessed today, ADA touched a notable low of $0.82 on August 22nd and surged massively by over 9% a few hours after then. As such, the tenth-largest cryptocurrency by market capitalization has hit an intraday high of $0.93 on the same day.
While Cardano’s ADA has traded below $0.8 during the period of the accumulation, its massive price surge suggests massive gains for the holders of the major 180,000,000 ADA tokens.
With the positive performance displayed by the asset, optimism surrounding Cardano has surged significantly as speculations predicted more rally ahead. Recent developments in the crypto ecosystem suggest institutional demand and adoption of Cardano have continued to rise.
The massive whale activity involving ADA suggests renewed confidence in Cardano’s structural values for big businesses, as the trend suggests the asset is becoming the center of attraction among high-profile investors and institutional investors.
Although ADA had just kickstarted its price surge today, investors are positive that there are more price rallies ahead which could see the asset break out to achieve a new ATH.
