Cardano ADA Whale Activity Hits Four-Month Peak, Bolsters Price

The number of Cardano wallets holding at least 10 million ADA has climbed to a four-month high of 424, up 5.2% in nine weeks, according to on-chain analytics firm Santiment.

Although the cryptocurrency is still moving with broader altcoin trends, its market value has risen 11% since hitting a low on February 5.

As of early April, Cardano whales had snapped up roughly 220 million ADA, with some estimates putting the total closer to 300 million when including other large holders. 

Most of the buying has occurred around $0.24–$0.25, helping the token hold support near $0.23–$0.24, even as the broader crypto market struggles.

Large wallets often step in during periods of retail fear, taking advantage of suppressed prices and abundant sell-side liquidity. With ADA trading more than 92% below its all-time high of $3.10, whales appear to see the token as undervalued after a prolonged downtrend.

In March, the SEC and CFTC jointly classified ADA, along with other major cryptocurrencies, as a digital commodity, removing long-standing regulatory uncertainty that had previously deterred institutional investors. 

Around the same time, Cardano launched its privacy-focused sidechain, Midnight Mainnet, designed for regulated finance, identity, and compliant private smart contracts using zero-knowledge technology. 

Institutional operators such as Google Cloud and Worldpay have joined the network, while founder Charles Hoskinson has committed significant funding to support its growth.

Whales play a key role in the Cardano ecosystem, heavily influencing price movements. 

According to a February report from Santiment, Cardano wallets holding at least 1 million ADA have added 1.41 billion coins since late November 2023, helping ADA climb 107% during this 15-month accumulation cycle. This steady buying from whales and sharks has supported Cardano’s market cap, which has risen 11% even as most cryptocurrencies pulled back.

Earlier in March,whales pushed Cardano briefly up to $1.13, moving the most ADA in over three months. Their larger than $100K transfers returned tokens to circulation, reducing the average age of coins in wallets.

According to DeFiLlama,  Cardano’s DeFi ecosystem remains modest, with total value locked at around $132 million. Stablecoins account for roughly $49.2 million, with USDC making up about a third of that, showing that much of the liquidity is in reserve rather than actively traded.

Trading activity is light. Daily volume on Cardano’s decentralized exchanges sits near $1.38 million, down 25% over the past week, while perpetual trading sees only $1.08 million in 24 hours.

Rising whale activity around key price levels helps stabilize Cardano (ADA) price, while concentrated holdings could influence short-term market movements.

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