Indeed, Cardano’s largest whales, defined as those holding at least 10 million ADA, worth around $9,534,000 at press time, are currently holding 46.6% of the total token supply, on-chain and social metrics platform Santiment tweeted on April 11. The chart used in the tweet shows a dramatic increase in the ADA supply ratio held by Cardano whales. By comparison, these whales only had 10.2% of the total supply in their wallets less than 14 months ago. That said, Santiment noted that a large portion of the whale addresses observed on the chart actually belonged to cryptocurrency exchanges.
Other positive developments for Cardano
Meanwhile, the supply of Cardano held by mid-tier holders or addresses between $100 and $100,000 worth of ADA, reached its all-time high in early April, at which time they held 16.8% of the available supply. Around the same time, the number of Cardano-based smart contracts surpassed the 2,000 mark. This number had been growing since September 2021, when the network introduced a smart contract functionality. Interestingly, Finbold reported in late March on the increased institutional demand for Cardano, as demonstrated by the surge in on-chain transactions above $100,000. Specifically, such transactions involving Cardano have grown more than fifty-fold since the year’s turn. Given the fall in the price of ADA from its all-time high of $3.10, whales or large-scale investors and institutions may have seen this as a buying opportunity to stock up on the asset ahead of its forthcoming Vasil hard fork in June. In the same period, Cardano has also witnessed a major increase in the number of wallets added to its network, with more than 450,000 new wallets added since January 1, or around 5,000 daily, hitting the 3 million wallet milestone in early February.
ADA price analysis
At press time, the largest Proof-of-Stake (PoS) asset traded at $0.9538, which is a 5.55% decrease over the previous 24 hours and a 20.63% drop across the previous seven days. Cardano’s current market capitalization stands at $32.24 billion, making it the eighth-largest cryptocurrency by this indicator. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
