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Cardano Whales Keep Buying as ADA Crashes 71% in 9 Months

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At $0.26, Cardano (ADA) continues to trade significantly below its previous market highs, but large holders of the 11th-largest crypto asset by market cap appear unfazed.

In fact, new data suggests that millionaire-tier Cardano wallets consistently expanded ADA holdings.

Aggressive ADA Buying Spree

According to crypto analytics platform Santiment, wallets holding at least 1 million ADA have steadily increased their share of the supply. These wallets now collectively hold 25.09 billion ADA, which represents 67.47% of the current circulating supply. The accumulation trend has continued even as Cardano’s market cap dropped more than 70% over the past nine months. Santiment said the “millionaire” tier of sharks and whales appears to be taking advantage of lower prices.

Amid continued accumulation by major Cardano holders, crypto analyst Ali Martinez recently pointed to the $0.25 level as a historically important price zone for ADA. According to Martinez, Cardano saw a strong recovery after holding that level in January 2023, as the asset rose more than 88% in the following weeks.

A similar trend unfolded in September 2023 as well, when ADA once again maintained support around $0.25 before later recording a 243% rally. With Cardano currently trading above $0.26, the same support range remains critical for the asset’s price structure.

Based on his analysis, continued strength above the $0.25 zone could support a move toward $0.36, while a broader rally could push ADA toward $0.53. However, he warned that losing the support range could lead to a deeper correction.

Scaling Debate Intensifies

Beyond price, Cardano continues to face criticism over the pace of its development and scaling progress. Responding to those concerns, Cardano founder Charles Hoskinson recently pushed back against claims that the network had “abandoned scaling in favor of governance.”

Hoskinson said Cardano’s scaling research has been ongoing since before the Shelley era and involved years of work across Layer 2 solutions, the extended UTXO accounting model, zero-knowledge technologies, partnerchains, and the Leios protocol. He explained that many of these initiatives required extensive research, scientific publications, and long-term engineering efforts that could not simply be accelerated by adding more developers.

Hoskinson also maintained that the implementation of the Voltaire governance system did not divert resources away from scaling research.

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