Cardano millionaire wallets hold record ADA since December 2017

Cardano (ADA) whales, wallets with a balance of at least 1 million units, have increased their holdings to the highest level since December 2027.

As of May 28, Cardano whales held 25.11 billion ADA, representing over 67% of the total circulating supply, according to data from Santiment. The supply of ADA held by this group of investors has gradually increased since the fourth quarter of 2023, which marked the end of the 2022 bear market.

With ADA price hovering around $0.23 at press time, these holdings are valued at approximately $5.77 billion. Notably, their holdings have accelerated over the past two years despite the altcoin being trapped in a downtrend.

As such, it signals strong investors’ conviction in Cardano, with a long-term perspective. Moreover, this group of investors has continued to aggressively accumulate ADA since early 2021, potentially due to the network’s improved performance amid regulatory backing.

Notably, the Cardano whales could be bullish on the network, as it has achieved greater decentralization over the past few years through several upgrades, including the Chang Hard Fork and Goguen. Additionally, ADA has gained significant regulatory clarity in the United States, and more is expected after a potential enactment of the Clarity Act –  a proposed federal regulation aimed at legalizing the crypto space – in 2026.

What’s next for Cardano price amid aggressive whales’ appetite

Amid aggressive accumulation of Cardano by whale investors, ADA price has found strong support around $0.23. Moreover, the altcoin rebounded from the same buy wall after the 2022 bear market.

Meanwhile, Finbold AI Agent, an advanced financial assistant that leverages multiple AI models, has predicted further downside risk in June 2026.

The Finbold AI Agent predicted that Cardano price could drop 9.54% to $0.208 by the end of next month. However, if the whale investors continue with their buying spree, a potential rebound could follow soon.