Cardano (ADA) Faces Price Decline Despite Major Whale Accumulation

Cardano has seen a gradual slump in daily active addresses in the past 3 months. The metric attained a peak of around 100,000 in December last year.

ADA ETF filing news is circulating on media channels. The ETF filing comes at the time of a broader shift in the policy of the United States.

The slump of the metric demonstrates the decreased usage of Cardano in the last few months.

The wider crypto market is indicating bearish signs, having more than a 7% slump in the crypto market’s capitalization. According to the market cap, the largest cryptocurrency has fallen below the $80,000 mark, signaling a fear state

Today, the crypto fear and greed index has gone to 21, indicating the fear state. At the same time, the price of Cardano’s ADA has gone down by over 10%

The major whale accumulation

ADA has been down by 15.62% in the past seven days and was trading at $0.6501 at the time of writing. The market capitalization has slumped and is currently hovering at $22.88 billion. Also, in the past day, trading volume slumped by 4.18% and hovered at $863.61 million

The price of Cardano has been decreasing gradually in the last month. It listed a daily decrease of 11.78%, a weekly decrease of 25.74%, and a monthly decrease of 36.12%. Regardless of the Grayscale Cardano ETF filling publications and project advancements, ADA is competing to shift to higher prices

Prominent market analyst Ali Martinez took to social media account X account concerning ADA whale accumulation. As per his calculations, whales collected 130 million Cardano tokens (ADA) in the past three days

These whales so far possess around 10 to 100 million Cardano tokens. Ali also posted a graph showing how the price of ADA slumps as the accumulation of whales increases

The continued price declination

Cardano has seen a gradual slump in daily active addresses in the past 3 months. The metric attained a peak of around 100,000 in December last year. It now went down to 25k as of this month. The slump of the metric demonstrates the decreased usage of Cardano in the previous few months.

Source: CoinMarketCap

At the same time, the ADA ETF filing news is circulating over the media channels. The ETF filing comes at the time of a broader shift in the policy of the United States. Under the current chair, Mark Uyeda, the agency has strengthened enforcement actions. This acceptance indicated boosting regulatory openness towards crypto ETFs under the new chairmanship of the SEC

This, amalgamated with the project advancements of Cardano, like the Draper University partnership and the amalgamation of XRP with its Wanchain’s bridge, is driving positive market sentiment into the market. Also, the Cardano market price is fighting hard to grow in value