Blockchain sleuth Whale Alert has spotted a large cryptocurrency transfer carrying almost 70 million ADA. It was a withdrawal from the largest U.S.-based cryptocurrency exchange, Coinbase, which has recently been added to the S&P 500 index.
The aforesaid blockchain tracking platform noticed 68,769,654 ADA transferred from Coinbase to an anonymous blockchain address. This amount of Cardano-affiliated cryptocurrency is the equivalent of $52,966,118 in fiat. The transaction took place slightly over an hour ago.
Over the past 24 hours, Cardano’s native token, ADA, has lost 7.7%, falling from $0.8293. By now, it has logged a small recovery of 1.5% and is changing hands at $0.7754 per token.
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225,000 new ADA wallets created this year
As reported by U.Today earlier, this year, the ADA network saw approximately 255,000 new wallets created. This means that every single day, new users have been creating roughly 1,700 ADA addresses. The number of new wallets continues to grow. The aforementioned ADA withdrawal from Coinbase in this context seems to be a likely accumulation of this top 10 crypto asset.
Meanwhile, while the crypto market is currently enjoying a bull run, ADA has formed a triple top formation on the chart, which is a bearish reversal figure. It is characterized by three consecutive peaks touching roughly the same price level, which represents resistance points and signifies a reversal from an uptrend to a downtrend. An emergence of this pattern is indicative of buyers losing strength and the market gradually becoming dominated by sellers.
Between May 7 and May 12, when ADA reached the second resistance peak, the coin’s price added 28.53%, soaring from $0.6588 to $0.8468. As of press time, ADA is sitting at $0.7728.
