Cardano whales are accumulating ADA during the correction period, ignoring the centralization warning.
Cardano's (ADA) price has declined by 7.25% to reach $0.474 on May 22, two days after cryptocurrency analyst Justin Bons accused the blockchain project of being extremely centralized.
Bons argued that Input Output Global (IOG), the parent company of Cardano, controls 5 out of 7 of the blockchain's "genesis keys," cryptographic keys that were used to sign and establish the initial block of the Cardano blockchain back in 2015.
"The genesis keys allow code changes to be pushed out seamlessly without a hard fork," the analyst said, adding:
