What happened?
Whales, or wealthy investors in the crypto space, have dumped over 30 million ADA after Cardano hit the $1 mark. Trader Ali Martinez spotted this offloading of Cardano’s native token. Despite this sell-off, late buyers may have capitalized on the dip, contributing to a 9% gain for ADA in the past 30 days.
Who does this affect?
This event primarily affects investors and traders in the cryptocurrency market, particularly those having interests in Cardano. Watching the movements of these whales can help anticipate market trends for ADA. However, this development has led to speculation about whether it indicates a rugpull or sets the stage for a major price bounce.
Why does this matter?
The massive selling of ADA could potentially have a significant market impact. While sell pressure is rising, ADA has a history of rebounding from similar shakeouts, which means there could be a substantial bounce in value that would be critical for traders. Furthermore, an upward movement beyond the $1 resistance could trigger a rally towards $2 – a potential 145% increase from current levels.