Cardano (ADA) Whale and Shark Addresses Accumulate $116 Million Worth of ADA
Amidst the market downturn, whale and shark addresses in the Cardano (ADA) ecosystem have been accumulating more tokens. These addresses, which hold between 100,000 and 10 million ADA, have bought the dip, resulting in a surge in the amount of ADA collectively held by these addresses. Additionally, transaction volume has been consistently rising over the past six months, especially after ADA’s price reached its yearly peak. However, there was a notable spike in transaction volume in April, coinciding with a decline in the price and the cumulative balance of wallets in that range of ADA. Despite the market turbulence, transaction volume and the cumulative balance of these addresses continue to rise, with a total of $116.1 million worth of ADA tokens added since May 21. These addresses now hold over 34% of the total ADA supply.
Development Activity Remains Strong, but ADA Holders Decrease
Cardano’s ecosystem is experiencing a flourishing development activity, as indicated by Santiment’s data. Although there was a slight drop in development activity from August 2 to August 5, it remains robust overall. On the other hand, the price decline of ADA from its high has led to a reduction in the number of ADA holders, which now stands at 4.45 million. This reflects the challenges of fluctuating market conditions. ADA is currently trading at $0.2909, struggling to reclaim the $0.30 territory.
Key Points:
- Whale and shark addresses in Cardano (ADA) have accumulated $116 million worth of tokens in two months
- Transaction volume has been consistently rising, with a spike in April coinciding with a price decline
- These addresses now hold over 34% of the total ADA supply
- Development activity on the Cardano network remains robust, but the number of ADA holders has decreased
- ADA is currently trading at $0.2909, struggling to reclaim the $0.30 territory
Hot Take:
The accumulation of ADA by whale and shark addresses is a positive sign for the Cardano ecosystem, as it demonstrates confidence in the project despite the market downturn. Additionally, the consistent rise in transaction volume and the robust development activity point to a strong foundation for future growth. However, the decrease in ADA holders highlights the challenges of market volatility and the need for sustained investor interest. Cardano’s journey to reclaiming the $0.30 territory may require further positive developments and market support.
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