$ADA’s Top Whales Have Returned to the ‘Largest Percentage of Supply Held in 2 years.’

While the price of Cardano ($ADA) has been falling in amid the wider cryptocurrency market decline, which has seen the space’s overall market capitalization lose over $170 billion in value, its top whales have been accumulating it over time.

While ADA is currently down dramatically from its all-time high of $2.9, whales holding over 10 million ADA tokens have “returned to their greatest share of supply held in two years” at 46.6 %, according to data from on-chain analytics firm Santiment.

Source: Santiment
ADA’s All-Time High In Feb 2021

According to Santiment‘s statistics, whales have been collecting since February 2021, when the cryptocurrency’s price reached an all-time high before falling back to the $1 mark.

Santiment pointed out that its data included wallets from large cryptocurrency exchanges, implying that the funds also represent the holdings of these sites’ users. Earlier this month, data from the same business revealed that Cardano addresses holding between $100 and $100,000 in the network’s native token saw their share of ADA supply reach an ATH.

According to its data, Cardano addresses with less than $100 in ADA and up to $100,000 in ADA have regularly accumulated over time. Addresses worth more than $100,000 but less than 10 million ADA appear to be liquidating their holdings.

As Cardano adoption expands, the network’s “mid-tier” and top whale accumulation increases. As previously reported, the number of wallets holding ADA has increased by over 500,000 years so far, with 453,000 of those wallets being created in the first quarter of the year.

According to Kraken’s March 2022 crypto on-chain digest, on-chain indicators indicate that “prospects are bright” for Cardano since the demand for it has increased over time. According to Kraken’s research, Cardano transaction fees have grown “approximately 51.5 % from $0.33/tx [transaction] year to date.” Transaction fees “are a proxy for network demand,” and while “blockchain demand is beginning to climb after a sabbatical this year,” Cardano is leading.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

KAZ

CoinCu News

Victor

Recent Posts

Buyers Rush to Maximise Gains with BlockDAG’s 100% Bonus Offer; Plus, ETH Holds Strong as Solana Challenges Rivals

Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…

1 hour ago

Thai Police Corruption Case Involving Officers and Extortion

Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…

4 hours ago

SafePal Telegram Wallet Launches with Swiss Bank Accounts and CeDeFi

SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…

5 hours ago

Sheetz Crypto Payments Now Accepted at Over 750 US Locations

Sheetz crypto payments: 750+ US stores now accept Bitcoin, Ethereum, and more, rewarding customers through…

5 hours ago

Zhu Su Wife Sells Singapore Mansion for $38 Million

Zhu Su’s wife sells Singapore mansion for $38.5 million amid heightened financial scrutiny on Three…

6 hours ago

Bitcoin Spot ETF Outflows Hit $54.9M, First Decline in 7 Days

Bitcoin Spot ETF Outflows Hit $54.9M on Nov 1, marking the first decline in a…

8 hours ago

This website uses cookies.