On-chain data shows the Cardano network has witnessed a surge in large wallets over the last couple of months, a sign that big-money hands have flowed in.
Cardano Wallets With More Than 10 Million Tokens Have Grown In Count
As highlighted by on-chain analytics firm Santiment in an X post, Cardano whales have hit a 4-month high count. The indicator of interest here is the “Supply Distribution,” which measures the total number of addresses that belong to a particular coin group.
Investors are divided into these cohorts based on the number of tokens that they are carrying in their balance. The 1 to 10 coins group, for example, includes all addresses holding between 1 and 10 ADA.
In the context of the current topic, the cohort of interest is the one with a lower limit of 10 million ADA and no upper limit. At the current exchange rate, its cutoff converts to $2.4 million, which is a sizeable amount. Thus, only the big-money holders will be able to qualify for it. Such investors are popularly known as the whales.
Now, here is the chart shared by Santiment that shows the trend in the Supply Distribution of the Cardano whales over the last few months:
As displayed in the above graph, the Cardano Supply Distribution for the 10 million+ ADA holders has risen recently, suggesting that new large traders have joined the network.
Over the last nine weeks, the indicator has gone up by 5.2%, reaching a high of 424. This is the most number of whales on the ADA network since December 6th. Naturally, the larger presence of the whales can be bullish for the cryptocurrency. “Even though it has not decoupled from other altcoins yet in 2026, its market value is +11% since it bottomed out back on February 5th,” explained the analytics firm.
Though, while whales have have been flowing into the network over the last couple of months, the Supply Distribution could still be to keep an eye on, as it often doesn’t take much for a quick reversal to occur. From the chart, it’s visible that the metric saw a sudden plunge back at the end of January, coinciding with the market crash.
Cardano isn’t the only altcoin that has witnessed movement from the whales recently. As pointed out by analyst Ali Martinez in an X post, Dogecoin whales participated in net buying of 500 million tokens last week.
This accumulation came while the DOGE spot price was facing a classic squeeze from the Bollinger Bands. “When whales buy during a squeeze, they are usually positioning for the breakout,” noted Martinez.
ADA Price
At the time of writing, Cardano is floating around $0.24, down more than 4% in the last 24 hours.