Key Points:
- ADA, touching the $0.38 per token level has prompted a response from Cardano billionaires, according to data from crypto analytics platform Santiment. The ADA price first crossed that threshold about a week ago, and it has subsequently increased by another 5%.
- This indicates that individuals who sold ADA around $0.38 were seeking immediate, short-term gains, while the bulk of investors of this size are currently following a longer-term strategy and are likely betting on the upward trend to continue.
The price of Cardano’s native token, ADA, touching the $0.38 per token level has prompted a response from Cardano billionaires, according to data from crypto analytics platform Santiment. The ADA price first crossed that threshold about a week ago, and it has subsequently increased by another 5%.
According to the statistics, investors who possess between 1 million and 100 million ADA worth of Cardano tokens began liquidating their positions on January 21. Given the size, their number has now decreased by 31 addresses, indicating that at least 31 million ADA were released onto the market.
ADA around $0.38 were seeking immediate, short-term gains
Overall, the graphic shows that there are 2,828 addresses representing so-called Cardano millionaires, which is a return to early January levels. This indicates that individuals who sold ADA around $0.38 were seeking immediate, short-term gains, while the bulk of investors of this size are currently following a longer-term strategy and are likely betting on the upward trend to continue.
Meanwhile, ADA has been unable to break through the other significant $0.4 threshold and leave the trading range it had been in since mid-October. Maybe the soon-to-be-released native ecosystem stablecoin, Djed, will assist Cardano in getting through such formidable opposition.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
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