The bear market has been established for several months. However, the enthusiasm for Cardano’s ADA has not diminished. This is shown by a recent study on the activities of whales and sharks in ADA.
Whales and sharks afford more ADAs
Cardano’s ADA is of more interest to investors. This is according to a recent report produced by Santiment, a crypto data provider. The study highlights the increased activity of crypto holders.
Santiment’s analysis highlights the stronger investments of the biggest users in crypto. The company notes an unusual increase in whale-operated ADA crypto wallets.
According to Santiment, this upward trend is also seen in sharks. Unlike whales, this category of investors stands out for its aggressive and opportunistic crypto approach.
The attitude of the sharks says a lot about the overall perception around the ADA. Especially when you know that in the opinion of several experts, the crypto market has been contracting for several months. A situation that would have caused a generalized crisis of confidence among users.
It is therefore in the midst of the bear market that this renewed interest in the crypto native of Cardano comes. The bearish context did not spare the ADA, which lost its valuation. A loss estimated at 35% compared to the peak of its price reached four months ago.
However, Santiment points out an interesting figure regarding ADA wallets. In particular, those hosting a minimum of 100,000 ADA tokens. Their number jumped dramatically to reach a total of 25,294.
This dynamic could not go unnoticed. Because, as Santiment notes, we have to go back to April 2022 to observe a similar accumulation movement.
ADA is not the only crypto investors are interested in
It is true that the ADA is attractive. Though down 1.46% in the last 24 hours to currently trade around $0.27. However, Santiment indicates that the asset is currently not the only one to attract the attention of investors.
The data provider points out in particular that several altcoins are also the subject of unexpected increases in the volume of their exchanges. Which is good news for the crypto market.
“The market continues to surprise us. While bitcoin’s resurgence above $30,000 made headlines, assets like Solana, Pepe, Shiba Inu and even HarryPotterObamaSonic10Inu (yes, you read that right) are skyrocketing,” concludes Santiment.
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