Cardano Whales Sell Off Holdings, 31 Million ADA Released

• Cardano, a proof-of-stake blockchain network, has seen a decrease in the amount of ADA that major wallet holders are holding.
• Whales who formerly held between one million and one hundred million ADA tokens have recently sold off their Cardano holdings, likely as a consequence of profit-taking after the rebound in January.
• Statistics from the cryptocurrency analytics platform Santiment show that investors with stakes in the Cardano token have decreased by 31, indicating that at least 31 million ADA have been released into circulation.

Cardano, a proof-of-stake blockchain network and a rival to Ethereum, has seen a decrease in the amount of ADA that major wallet holders are holding. This sell-off likely comes as a result of profit-taking after the rebound in January, when the price of Cardano’s native token, ADA, just approached the level of $0.38 per token.

Data from the cryptocurrency analytics platform Santiment shows that whales who formerly held between one million and one hundred million ADA tokens have recently sold off their Cardano holdings. The number of major investors with stakes in the Cardano token has decreased by 31, indicating that at least 31 million ADA have been released into circulation. This is a significant amount, considering the size of the market.

It is also worth noting that despite the sell-off, the price of ADA has increased by 5% since the token first hit the $0.38 mark. However, as of this writing, the token is down more than 3% in the last twenty-four hours.

It is unclear why whales have decided to sell off their holdings of Cardano’s native token. It could be because they are taking profits after the rebound, or it could be because they are expecting the price to drop further. Whatever the reason, the sell-off indicates that major investors are no longer as bullish on Cardano as they once were.

The near-term future of Cardano is uncertain, but the long-term outlook is still positive. The platform continues to make progress on its roadmap, and the development team behind it is committed to making Cardano the most advanced and secure blockchain network in the world. As such, it is likely that the price of ADA will rebound in the long run, as long as the team is able to deliver on their promises.