Cardano bounces back thanks to support from whales

by in Cryptocurrency News


Altcoin Cardano (ADA) was trading at $0.457 at the end of May. It suffered heavy losses after the collapse of the Terra ecosystem and exacerbated market volatility.

By the beginning of June, the ADA rate had strengthened to $0.682. However, already last week, Cardano was one of the most affected altcoins, and on Friday, June 3, it fell to $0.543.

Over the weekend, the coin began to recoup, thanks to increased whale support. According to Santiment, in 18 hours, the value of ADA rose by about 28% after addresses with more than $1 million in Cardano entered the market.

Over the night from Friday to Saturday, these wallets completed about 160 transactions for amounts of at least $100,000. After that, the price of ADA bounced to $0.574.

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However, the pressure from small addresses was still high, and as soon as the activity of the whales subsided, the price of Cardano began to correct, the researchers emphasized.

On the night of Monday, June 6, the ADA exchange rate strengthened to $0.563, and the capitalization of the cryptocurrency is just over $19.109 billion.

Whale activity at the end of last week was the highest since May 10.

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Then the largest investors also entered the market and purchased cryptocurrency. In this way, the whales prevented her from falling further and helped her to reach the bottom.