On-chain data shows the Cardano sharks and whales have quietly been 
accumulating the asset even as the price has gone through a drawdown. Cardano 
Sharks &amp; Whales Have Increased Supply Share By 1.6% In a new post on X, on- 
chain analytics firm Santiment has talked about the latest trend in the supply 
of the Cardano sharks and whales. The indicator of interest here is the 
&#8220;Supply Distribution,&#8221; which tells us about the amount of the ADA circulating 
supply that&#8217;s held by a given wallet group. Related Reading: Bitcoin Yet To 
See Meaningful Capital Return, Glassnode Says Addresses or investors are 
divided into these cohorts based on the number of tokens that they are 
carrying in their balance. The 1 to 10 coins cohort, for instance, includes 
the wallets owning between 1 and 10 ADA. In the context of the current topic, 
the range of interest is the 100,000 to 100 million coins one. At the current 
exchange rate, its lower end converts to $30,400 and upper one to $30.4 
million. Given the scale involved, the range would cover some of the key 
investors of the market holding a notable amount. Holders of this kind are 
popularly called the sharks and whales. Moves from these traders can sometimes 
have an effect on the market, so they can be worth keeping an eye on. If 
nothing else, the behavior of these groups can be revealing about the 
sentiment among the influential entities. Now, here is the chart shared by 
Santiment that shows the trend in the Supply Distribution of the Cardano 
sharks and whales over the last few months: As displayed in the above graph, 
the Cardano sharks and whales have seen their Supply Distribution rise over 
the last few months, indicating that the large investors have been 
accumulating. More specifically, the sharks and whales have added 819.4 
million tokens (currently worth $248 million) to their wallets over the last 
six months. This has taken their supply share of the cryptocurrency from 
66.84% to 68.44%. Interestingly, while the sharks and whales have expanded 
their supply during this window, the asset&#8217;s price has witnessed a significant 
drawdown instead. The timing could suggest that the key investors have been 
looking at the price decline as an opportunity to enter at lower levels. 
Related Reading: Bitcoin Nears Death Cross That Preceded Final Bear Market 
Legs From the chart, it&#8217;s visible that the accumulation trend has become 
particularly steep this month. It now remains to be seen whether this buying 
will pay off for the Cardano sharks and whales or if the asset will go lower 
still. ADA Price Cardano has observed a strong surge of 14% during the last 24 
hours that has taken its price to $0.30. Featured image from Dall-E, chart 
from TradingView.com

Cardano Sharks & Whales Quietly Accumulate 819M ADA Amid Price Decline

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