thecryptobasic.com
Influential crypto investors are betting big on Cardano, with their activities positively reflecting on the price of the crypto asset.
In a tweet today, market watcher Ali Martinez informed the crypto community that crypto whales added 100 million ADA tokens to their portfolios over the past two days. Notably, these investors typically hold between 100 million and 1 billion ADA tokens.
With the latest investment, this tier of Cardano whales now controls a portfolio of over 3.44 billion ADA tokens. As of January 13, these whales had a collective holding of around 3.35 billion ADA.
Cardano Price Reacts
At that time, Cardano was trading at around $0.998, suggesting they deployed around $100 million in the Cardano market. However, as of today, the effects of the two-day accumulation have been felt, with the price of ADA rising to $1.06. At the time of reporting, Cardano continues to defend the $1 mark.
Historically, Cardano’s price has reacted to whale accumulation, and this latest observation is no different. In a tweet on January 12, Martinez revealed that Cardano whales added 90 million ADA tokens to their portfolios over a 96-hour window.
The buying spree began when ADA dipped to $0.8838 last Thursday. However, by the third day, Cardano’s price had improved to $1.03. The subsequent dip back to $0.8893 presented another opportunity for Cardano whales to further consolidate their holdings with an additional 100 million tokens.
It is worth mentioning that there have been instances where the ADA holdings of whales dropped slightly. A notable example was when they liquidated 70 million tokens between January 6 and 8. Nonetheless, despite this, the general trajectory of their holdings has been upward over the past eight weeks.
What’s Next for ADA?
With the latest $100 million deployment into the Cardano market by whales, community members are interpreting the move as an indication that they “know something.”
This view is strengthened when considering an earlier report by The Crypto Basic, which revealed that crypto bulls bought $6 billion worth of Cardano on Christmas Day. Essentially, these investors may be positioning themselves for even greater gains beyond the current levels of around $1.
According to commentators like Dan Gambardello, a $14 price for Cardano, aligning with a $500 billion market cap, is a realistic expectation for this bull cycle.