On-chain data shows that over the past few months, the Cardano network has seen an boost in the number of enormous wallets, which means that massive money hands have flowed into it.

The number of Cardano wallets with over 10 million tokens has increased

As emphasized by the supply chain analytical company Santiment, in the X report postthe number of Cardano whales has reached its highest level in 4 months. An engaging metric here is “Supply Distribution”, which measures the total number of addresses belonging to a specific coin group.

Investors are divided into these cohorts based on the number of tokens they carry in their balance. For example, the coin group 1 to 10 includes all addresses with 1 to 10 ADA.

In the context of the current topic, the cohort of interest is the one that has a lower limit of 10 million ADA and no upper limit. At the current exchange rate, the limit is $2.4 million, which is a considerable amount. So only those with massive money will be able to qualify for it. Such investors are popularly called whales.

Here is a chart shared by Santiment that shows the trend in Cardano’s whale supply distribution over the last few months:

As shown in the chart above, Cardano’s supply distribution to over 10 million ADA holders has increased recently, suggesting that up-to-date, enormous traders have joined the network.

Over the past nine weeks, the rate has increased 5.2% to a high of 424. This is the most whales in the ADA network since December 6. Naturally, a greater whale presence could be bullish for the cryptocurrency. “Even though it has not yet separated from other altcoins in 2026, its market value is +11% from the February 5 low,” the analyst firm explained.

While whales have been pouring into the net over the past few months, it’s still worth paying attention to supply distribution because it often doesn’t take much for a quick turnaround to occur. The chart shows that this indicator dropped sharply at the end of January, coinciding with the market crash.

Cardano isn’t the only altcoin that has seen a whale move recently. As analyst Ali Martinez noted in X postLast week, Dogecoin whales participated in a net purchase of 500 million tokens.

This accumulation occurred as the DOGE spot price faced classic Bollinger Bands squeeze. “When whales poop while being squeezed, they are usually positioning themselves to escape,” Martinez noted.

ADA price

At the time of writing, Cardano is hovering around $0.24, down over 4% in the last 24 hours.