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On-chain data shows large-balance wallets — tracked in crypto markets as "whales" — have been selling Cardano's native token ADA, pushing the asset to a multi-year price low.
The distribution pattern has reopened pointed questions about whether Cardano retains the ecosystem momentum needed to compete in an increasingly crowded proof-of-stake landscape.
Whale Selling Is the On-Chain Signal That Matters In crypto markets, whale behavior carries disproportionate weight because large holders moving to the sell side removes a structural floor of demand that retail participants alone rarely replace.
When on-chain data shows those wallets distributing rather than accumulating, the resulting price weakness tends to be sustained rather than short-lived.
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