Large holders of ADA cryptocurrency have changed their behavior, starting to sell significant amounts of tokens. This event occurred amid price volatility and the latest proposals from Cardano founder Charles Hoskinson.
Whale Sell-offs
According to CryptoPotato, at the start of the business week, large ADA holders, with investments ranging from 100 million to 1 billion tokens, continued to accumulate, increasing their holdings by 120 million ADA over 48 hours. However, they soon changed strategy, disposing of more than 270 million ADA within a week, worth over $170 million.
Price Decline Threat
Recent sell-offs impacted ADA's price, which fell from $0.71 to under $0.62 before recovering slightly to $0.636. Some analysts warn that if the price does not hold, it may drop to $0.5.
Hoskinson's Proposal
Cardano founder Charles Hoskinson proposed exchanging $100 million worth of ADA for BTC and stablecoins to enhance the network's DeFi capabilities. Responses were divided: some supported the idea, while others questioned its safety for ADA's price. Hoskinson asserted that there is enough demand from institutional clients to cover any potential price pressure.
The changing behavior of Cardano whales and Charles Hoskinson's proposal raise questions about the future of ADA and its price fluctuations. Given the current circumstances, monitoring developments remains critically important.
