Whales Sell Off Cardano Holdings, Releasing Over 31 Million ADA Tokens

• Major wallet holders have recently sold off their Cardano holdings, most likely as a consequence of profit-taking after the rebound in January.
• Whales who formerly held between one million and one hundred million ADA tokens have recently sold off their Cardano holdings, releasing at least 31 million ADA into circulation.
• The chart demonstrates how whales have sold off their holdings in the past, in order to make a profit when the price of Cardano’s native token, ADA, reaches a certain level.

Cardano, a proof-of-stake blockchain network and a rival to Ethereum, has seen a decrease in the number of ADA tokens that major wallet holders are holding. This comes as the price of Cardano’s native token, ADA, has just approached the level of $0.38 per token – a level which prompted a response from Cardano billionaires, according to statistics from the cryptocurrency analytics platform Santiment.

Over a week has passed since the ADA price initially hit that mark, and in that time, it has increased by a further 5%. However, as of this writing, the token is down more than 3% in the last twenty-four hours. This has caused whales, investors with stakes in the Cardano token between one million and one hundred million ADA, to begin sell off their holdings on January 21. Statistics from Santiment show that the total number of whales has decreased by 31, indicating that at least 31 million ADA have been released into circulation.

This is not the first time that whales have sold off their holdings in order to make a profit when the price of ADA reaches a certain level. The chart provided by Santiment demonstrates how whales have sold off their holdings in the past, in order to make a profit when the price of Cardano’s native token, ADA, reaches a certain level. This suggests that the whales are taking advantage of the current market conditions and selling their tokens in order to make a profit.

The recent sell-off of ADA tokens by whales is likely due to the fact that the price of the token has been steadily increasing in the past few weeks. This has created an opportunity for them to take advantage of the market conditions and sell off their holdings in order to make a profit. However, it is important to note that this sell-off could also be a sign that the market is reaching a tipping point and could soon reverse. Therefore, it is important to keep an eye on the market and be prepared for any potential changes.