TL;DR Breakdown:
- Cardano whales bought 113% more coins within the last ten days.
- The address and network activity on the blockchain is increasing rapidly.
Cardano whales are beginning to size up their portfolios just when others are afraid to scoop the dip. Recent market insight from Santiment revealed that Cardano whales have accumulated more than 100% of their previous supply in the last ten days.
Cardano whales doubled their bags
The majority of the sentiments in the crypto market today indicate many investors are in a state of fear as prices have been dropping since January. Within a period of 30 days, the crypto market declined from $2.3 trillion to the current $1.6 trillion capitalizations – over a 30% decrease.
In the last ten days, Cardano lost more than 34% following the recent bloodbath in the market that also saw Bitcoin decline to $33.4k. While most coins are struggling to the upside, Cardano whales find now the perfect time to accumulate more coins.
According to the on-chain metrics platform, Cardano whales or “smart money large addresses” holding between 10,000 to 1,000,000 ADA have accumulated 113% more coins since the price of Cardano began dropping from $1.48 on January 17. At the time, these addresses owned 45.2 million ADA in their collective bags. However, they now account for 96.2 million ADA.
Good for ADA
This is good support that could help sustain Cardano’s price to some extent. Regardless of the bear market, the number of wallets on Cardano recently crossed 3 million. Network activity on Cardano is also increasing rapidly, to the extent the blockchain load is nearing 100%. This indicates a presence of demand for ADA but could result in network congestion, on the other hand.
In other news, Cardano users are anticipating the launch of another decentralized exchange on the Ethereum-killer blockchain. Vaccumlabs, the development platform behind Cardano native wallet ADALite, has announced its intention to launch a DEX on the blockchain.
