u.today
Blockchain sleuth Whale Alert has spotted a large cryptocurrency transfer carrying almost 70 million $ADA. It was a withdrawal from the largest U.S.-based cryptocurrency exchange, Coinbase, which has recently been added to the S&P 500 index.
The aforesaid blockchain tracking platform noticed 68,769,654 $ADA transferred from Coinbase to an anonymous blockchain address. This amount of Cardano-affiliated cryptocurrency is the equivalent of $52,966,118 in fiat. The transaction took place slightly over an hour ago.
Over the past 24 hours, Cardano’s native token, $ADA, has lost 7.7%, falling from $0.8293. By now, it has logged a small recovery of 1.5% and is changing hands at $0.7754 per token.
225,000 new $ADA wallets created this year
As reported by U.Today earlier, this year, the $ADA network saw approximately 255,000 new wallets created. This means that every single day, new users have been creating roughly 1,700 $ADA addresses. The number of new wallets continues to grow. The aforementioned $ADA withdrawal from Coinbase in this context seems to be a likely accumulation of this top 10 crypto asset.
Meanwhile, while the crypto market is currently enjoying a bull run, $ADA has formed a triple top formation on the chart, which is a bearish reversal figure. It is characterized by three consecutive peaks touching roughly the same price level, which represents resistance points and signifies a reversal from an uptrend to a downtrend. An emergence of this pattern is indicative of buyers losing strength and the market gradually becoming dominated by sellers.
Between May 7 and May 12, when $ADA reached the second resistance peak, the coin’s price added 28.53%, soaring from $0.6588 to $0.8468. As of press time, $ADA is sitting at $0.7728.