On-chain data shows a steady rise in Cardano whale addresses over the past two months, reaching a four-month high as large holders accumulate ADA. The uptick coincides with an 11% rebound in ADA’s market value since Feb. 5, according to analytics firm Santiment.
Whale Cohort Hits Four-Month High
Santiment reported in a post on X that the number of Cardano addresses holding at least 10 million ADA has climbed 5.2% over the last nine weeks to 424, the highest count since Dec. 6. At current prices, 10 million ADA is roughly $2.4 million, placing these addresses firmly in the “whale” category.
The firm cited its Supply Distribution metric, which tracks how many addresses fall into specific balance cohorts. A rising count in the 10 million+ ADA group indicates fresh large holders entering the network.
Market Context and Volatility Risks
Santiment noted that while ADA has yet to decouple from the broader altcoin market, its market value is up approximately 11% since bottoming on Feb. 5. Historically, growing whale participation can influence liquidity and price dynamics, but concentration among large holders also introduces volatility risk.
The whale cohort experienced a sharp drop at the end of January, coinciding with a broader market sell-off, underscoring how quickly accumulation trends can reverse.
Whale Activity Extends Beyond Cardano
Large-holder activity has been notable in other major altcoins as well. Analyst Ali Martinez said on X that Dogecoin whales recorded net purchases of about 500 million DOGE last week while the spot price compressed within a Bollinger Bands squeeze. Martinez suggested such buying during a squeeze often reflects positioning ahead of a potential breakout.
Price Snapshot
At the time of writing, ADA is trading around $0.24, down more than 4% over the past 24 hours.