In a bid to leverage off Ethereum’s scalability issues, investors delved into some competitors, called Ethereum killers. Cardano, one of the major beneficiaries of this massive move, has recently lost many of its whale investors (investors with large holdings) to newer Cryptocurrencies. Why is that? And which new Altcoin is gaining the attention of Cardano whales that much?
Why Cardano Whales Are Dumping
An end-of-the-year research into Cardano Owners, by token held, revealed a glaring truth. at the start of September, Cardano Addresses holding between 1 million and 10 million ADA, held a total of 5.63 billion tokens. However, less than a month later, their October balances revealed that over 220 million tokens had been sold amongst this group, and the money had been diverted into other Cryptocurrencies.
While there are many reasons that can be attributed to this, the data from IntoTheBlock, showing that only 6% of all Cardano ($ADA) holders are making a profit, is not good enough for an Altcoin that is in top ten on the market capitalization ranking.
The slow development of the Cardano team has only exacerbated the situation, and the lack of a definite niche isn’t doing much good.
The ADA Competitor That’s Less Than $1
Amongst many Cardano forums on diversifying from the disappointing token, one name keeps popping out – Algotech. and while the skepticism was on its under $1 price, the potential of a 1000% price bump has seen investors with a large purse take a keen interest in it.
Algotech’s presale, which offered an almost 300% ROI, has seen Cardano investors sell some of their holdings to avoid missing out on the exciting offer. A Reddit comment where the user said, ” It feels like 2020 all over again,” encapsulates investors’ feelings.
Beyond the profit potential, one major thing that stands out is Algotech’s infrastructure. The platform seeks to add notable changes to the crypto trading space by offering a decentralized algorithmic trading platform that leverages cutting-edge tools for trading efficiency and automation.
Algotech leverages machine learning, data analysis, and AI to give traders an edge in the fast-paced trading world. With the crypto trading market pivoting from manual trading to automated trading in recent years, Algotech builds on past successes with a decentralized and transparent structure and an adaptative approach.
At the heart of the Algotech Ecosystem is the ALGT token, an ERC-20 token. The decentralized nature of the Algotech architecture gives token holders an edge in the management and direction of the platform. The total supply of the tokens is 350 million ALGT, and early investors will be rewarded with both price growth and dividends from trading fees.
The allocation of the tokens is also clear-cut: 70% of the total tokens were sold to the public, 3% to the team, and 7% to the founders.
As Cardano continues to wallow in the pool of uncertainty, smart investors are moving into different cryptocurrencies that can help recoup the losses from their Cardano holdings.
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