Cardano (ADA) has resurfaced among the top 10 coins purchased by BSC whales, according to WhaleStats statistics. This follows the purchase of five million ADA by a top BNB whale.
According to WhaleStats, a BNB whale ranked fifth among the largest 1,000 BNB whales tracked purchased five million ADA, or $5,950,000.
Whales, or large holders, are notorious for accumulating their favorite tokens at a bargain during periods of decline and consolidation. Mid-term holders appear to be exerting pressure on ADA.
Only 7% of ADA holders have retained their tokens for more than a year, according to IntoTheBlock's holder composition by time held, while 71% have kept them for one to twelve months and 22% have kept them for less than a month.
The fact that short- and medium-term investors account for the bulk of ADA holders could indicate that ADA was under buying pressure from this group.
ADA price movement
The Cardano (ADA) price rose from lows of $1.17 on February 3 to highs of $1.26 on February 8, where it ran into some minor resistance.
Despite the recent dip in ADA's price, the Cardano blockchain has grown significantly in the past year. Three million wallets have been added to the blockchain recently.
SundaeSwap, Cardano's first decentralized exchange, recently went live on the mainnet.
Some of the more well-known Cardano initiatives are MELD, a non-custodial banking protocol, SpaceBudz, a non-fungible token platform, and Nami, a wallet extension.
Cardano's overall value has also surpassed $100 million.