Cardano Is Attracting A Lot Of Retail Interest.
Retail interest in Cardano is “rapidly increasing,” with addresses holding for fewer than 30 days – classed as blockchain traders – increasing their holdings by 186% in the last 30 days.
These Cardano’s trader addresses now together possess 36.14% of the cryptocurrency’s supply, according to statistics from analytics firm IntoTheBlock, after heavily acquiring during the last couple of weeks.
Retail interest in Cardano is increasing at a time when the cryptocurrency’s network’s whales have reentered an accumulation phase after selling off their holdings over a seven-month period in which they dumped a big amount of ADA on the market.
After the cryptocurrency’s price fell to a 15-month low, whales and regular investors began accumulating it again. The price of ADA has been progressively declining over the previous few months, according to data from CryptoCompare’s live ADA price feed, after reaching an all-time high of $3 in August of last year.
After gaining a little more than 5% in the last 24 hours, the cryptocurrency is now trading at $0.83.
ADA investors appear to have held on to their money during the down market. According to Coinbase’s price website, ADA has a normal hold time of 121 days, which means that ADA users on the platform keep their coins for more than four months before “selling it or moving it to another account or address.”
As the network’s overall number of transactions grows, new developments have emerged. Cardano developer Input Output is collaborating with Wanchain, a blockchain interoperability solution, to enable Cardano to become an Ethereum Virtual Machine (EVM) compliant network, enhancing the network’s utility.
The decision comes after Input Output advocated expanding the network’s block size by 10%, from 80 KB to 88 KB each block, in order to “improve throughput and DApp performance” as the network load has remained above the 80% threshold.
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.
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