{"id":550511,"date":"2023-09-08T14:00:48","date_gmt":"2023-09-08T14:00:48","guid":{"rendered":"https:\/\/ktsl888.com\/?p=550511"},"modified":"2023-09-08T12:25:12","modified_gmt":"2023-09-08T12:25:12","slug":"cardano-whales-sell-1-02-billion-ada-more-pain-ahead","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/cardano\/cardano-whales-sell-1-02-billion-ada-more-pain-ahead\/","title":{"rendered":"Cardano Whales Sell 1.02 Billion ADA, More Pain Ahead?"},"content":{"rendered":"

On-chain data shows the Cardano whales have sold more than a billion ADA during the past week, a sign that pain may not be over for the asset yet.<\/p>\n

Cardano Whales Have Participated In Some Distribution Recently<\/h2>\n

Cardano didn’t have the best time in August, as the cryptocurrency registered a more than 18% drop. This new month of September hasn’t been any better for ADA, as the asset has only continued to struggle sideways around its lows so far.<\/p>\n

At present, the asset is trading just under the $0.26 level. The chart below displays the recent price action in the cryptocurrency.<\/p>\n

\"Cardano<\/p>\n

Looks like ADA hasn't moved much since the start of the month | Source: ADAUSD on TradingView<\/a><\/pre>\n
Cardano’s flat returns over the past week aren’t anything different from what has been happening in the wider sector, as Bitcoin (BTC) and Ethereum (ETH) have also been similarly stale recently.<\/p>\n
Related Reading: Bitcoin MVRV At Critical Support Line, Will Retest Be Successful?<\/a><\/div>\n
That said, a bearish signal exclusive to the asset appears to have emerged, as Ali, an analyst on X, has pointed out in a new post<\/a>. According to on-chain data, the ADA whales have participated in a selloff<\/a> over the past week.<\/p>\n
\"Cardano<\/p>\n
The value of the metric seems to have been heading down in recent days | Source: @ali_charts on X<\/a><\/pre>\n
The above chart shows the trend in the combined supply of the Cardano investors holding at least 10 million and at most 100 million ADA in their wallets. At the current exchange rate, this range converts to about $2.6 million at the lower end and $26 million at the upper bound.<\/p>\n
The holders of this vast amount of the token are called “whales<\/a>.” Due to their massive holdings, they are among the most influential entities on the network. The graph shows that these large investors have seen their holdings go down sharply recently.<\/p>\n
This ADA holder group has distributed a net amount of 1.02 billion ADA (worth around $260 million) in this latest selloff, which is a pretty significant figure.<\/p>\n
Related Reading: Bitcoin Could Decline Further Before A Rebound, Here\u2019s Why<\/a><\/div>\n
The whales shaving off their supply is naturally not a positive sign for the cryptocurrency, as it suggests that some of these humongous holders don’t think the asset will recover shortly, so they are cutting their losses and exiting the coin.<\/p>\n
ADA Continues To Be 7th Largest Coin In Sector<\/h2>\n
Despite its decline, Cardano is still the seventh-largest asset in the cryptocurrency sector in terms of market cap<\/a>, as the table below shows.<\/p>\n
\"Cardano<\/p>\n
The market cap of the asset is around $9 billion at the moment | Source: CoinMarketCap<\/a><\/pre>\n
However, the gap between ADA and the 8th place Dogecoin (DOGE) is down to less than $100 million now, meaning that the asset is at risk of dropping down from its spot.<\/p>\n
Unless things change fast for Cardano, it may be inevitable that the cryptocurrency would slip below the memecoin shortly, given the bearish movement from the whales.<\/p>\n
Featured image from iStock.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the Cardano whales have sold more than a billion ADA during the past week, a sign that pain may not be over for the asset yet. Cardano Whales Have Participated In Some Distribution Recently Cardano didn’t have the best time in August, as the cryptocurrency registered a more than 18% drop. This new month of September hasn’t been any better for ADA, as the asset has only continued to struggle sideways around its lows so far. At present, the asset is trading just under the $0.26 level. The chart below displays the recent price action in the cryptocurrency. Looks like ADA hasn’t moved much since the start of the month | Source: ADAUSD on TradingView Cardano’s flat returns over the past week aren’t anything different from what has been happening in the wider sector, as Bitcoin (BTC) and Ethereum (ETH) have also been similarly stale recently. Related Reading: Bitcoin MVRV At Critical Support Line, Will Retest Be Successful? That said, a bearish signal exclusive to the asset appears to have emerged, as Ali, an analyst on X, has pointed out in a new post. According to on-chain data, the ADA whales have participated in a selloff over the past week. The value of the metric seems to have been heading down in recent days | Source: @ali_charts on X The above chart shows the trend in the combined supply of the Cardano investors holding at least 10 million and at most 100 million ADA in their wallets. At the current exchange rate, this range converts to about $2.6 million at the lower end and $26 million at the upper bound. The holders of this vast amount of the token are called “whales.” Due to their massive holdings, they are among the most influential entities on the network. The graph shows that these large investors have seen their holdings go down sharply recently. This ADA holder group has distributed a net amount of 1.02 billion ADA (worth around $260 million) in this latest selloff, which is a pretty significant figure. Related Reading: Bitcoin Could Decline Further Before A Rebound, Here\u2019s Why The whales shaving off their supply is naturally not a positive sign for the cryptocurrency, as it suggests that some of these humongous holders don’t think the asset will recover shortly, so they are cutting their losses and exiting the coin. ADA Continues To Be 7th Largest Coin In Sector Despite its decline, Cardano is still the seventh-largest asset in the cryptocurrency sector in terms of market cap, as the table below shows. The market cap of the asset is around $9 billion at the moment | Source: CoinMarketCap However, the gap between ADA and the 8th place Dogecoin (DOGE) is down to less than $100 million now, meaning that the asset is at risk of dropping down from its spot. Unless things change fast for Cardano, it may be inevitable that the cryptocurrency would slip below the memecoin shortly, given the bearish movement from the whales. Featured image from iStock.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":550523,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16896],"tags":[12333,14643,12332,89337,89338,85314],"class_list":["post-550511","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cardano","tag-ada","tag-adausd","tag-cardano","tag-cardano-pain","tag-cardano-selling","tag-cardano-whales"],"acf":[],"yoast_head":"\nCardano Whales Sell 1.02 Billion ADA, More Pain Ahead?<\/title>\n<meta name=\"description\" content=\"Data shows the Cardano whales have sold more than a billion ADA during the past week, a sign that pain may not be over for the asset yet.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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Verma","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ktsl888.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","caption":"Keshav Verma"},"description":"Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/ktsl888.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Cardano Whales Sell 1.02 Billion ADA, More Pain Ahead?","url":"http:\/\/ktsl888.com\/news\/cardano\/cardano-whales-sell-1-02-billion-ada-more-pain-ahead\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/cardano\/cardano-whales-sell-1-02-billion-ada-more-pain-ahead\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/09\/iStock-1362612976-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/09\/iStock-1362612976-1.jpg?fit=2121%2C1414"},"articleSection":"Cardano","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ada","adausd","cardano","cardano pain","cardano selling","cardano whales"],"dateCreated":"2023-09-08T14:00:48Z","datePublished":"2023-09-08T14:00:48Z","dateModified":"2023-09-08T14:00:48Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Cardano Whales Sell 1.02 Billion ADA, More Pain Ahead?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/cardano\\\/cardano-whales-sell-1-02-billion-ada-more-pain-ahead\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/cardano\\\/cardano-whales-sell-1-02-billion-ada-more-pain-ahead\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/iStock-1362612976-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/iStock-1362612976-1.jpg?fit=2121%2C1414\"},\"articleSection\":\"Cardano\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ada\",\"adausd\",\"cardano\",\"cardano pain\",\"cardano selling\",\"cardano whales\"],\"dateCreated\":\"2023-09-08T14:00:48Z\",\"datePublished\":\"2023-09-08T14:00:48Z\",\"dateModified\":\"2023-09-08T14:00:48Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/09\/iStock-1362612976-1.jpg?fit=2121%2C1414","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/550511"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=550511"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/550511\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/550523"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=550511"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=550511"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=550511"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}