Cardano shark addresses (holding 10K to 100K ADA) have been on an accumulation trend since June when the market witnessed the coldest touch of the Winter yet. Following an aggressive surge in momentum at the start of the FTX saga, these shark addresses currently hold a cumulative balance of 4 billion ADA, the largest in a year and a half.

The exciting development was recently uncovered by the crypto analytics platform Santiment in a report on Twitter. In what appears to be a buy-the-dip campaign, these shark addresses have amassed up to 331M ADA worth $83M since Nov 7, following ADA’s dip to lows last seen in January of last year. 

The recently-witnessed sharp increase in accumulation resulted in a cumulative balance of 4B ADA held by shark addresses, representing 11.6% of the asset’s total supply. This supply ratio held by shark addresses is the largest since July 2021.

(by Ammara)