Cardano Sharks Step Up Accumulation, But Will ADA Help This Time?

  • Holders of 10,000 to 100,000 ADA coins have increased their holdings.
  • However, voter turnout has fallen in the past year.
  • Cardano has seen on-chain growth this year despite the downward trend.

Despite the continued decline in Cardanos [ADA] Price In recent months, holders of 10,000 to 100,000 ADA coins have escalated the coin accumulation to hold the largest share of the ADA supply since June 2021, data from feelings open.

Data from the on-chain analytics platform showed that this group of major ADA holders, commonly referred to as sharks, has been steadily accumulating altcoins since June.

Read Cardanos [ADA] Price forecast 2023-24

While the unexpected crash of FTX sent many crypto assets, including ADA, to their lowest levels, these sharks have remained unscathed and added $83 million worth of ADA to their portfolios since November 7.

As of the time of publication, holders of 10,000 to 100,000 ADA coins owned 11.61% of the total coin supply. This means that they have a total of 4,096,661,348 ADA coins out of a total supply of 35,285,627,462.

While ADA sharks have increased their accumulation in recent months, wallets containing between 100,000 and 10,000,000 ADA coins have steadily shed their holdings over the past year.

According to Santiment data, this class of ADA holders holds 33.5% of the total supply of ADA at the time of publication. They controlled nearly 50% of the total coin supply a year ago.

Source: feeling

It is known that increased inventory accumulation is a major factor contributing to the growth in the price of an asset. However, with ADA whales disposing of their holdings over the past year, the value of ADA has fallen 83% since December 2021.

A 33.54x Increase Is On The Cards If ADA Hits Bitcoin Market Cap?

Up and down for Cardano

With the year so far seeing a sharp drop in the value of the overall cryptocurrency market, the Cardano network has seen some on-chain year-over-year (YOY) growth.

to me Cardano Foundation, the network saw a 139% rise in the number of transactions completed on it. With 3.80 million active wallet addresses created on Cardano in the last year, the network has seen the number of wallets grow by 47%. Similarly, the number of tokens on the first layer network increased by 192%.

Source: Cardano Foundation

Despite the on-chain growth over the past year, Cardano’s decentralized finance (DeFi) ecosystem has suffered a downturn. According to data from DefiLlama, after the Total Value Locked (TVL) of DeFi protocols held on Cardano peaked at $326 million in March, it has since fallen dramatically to $52.99 million at press time.

Source: Defillama

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