Cardano (ADA) whales grew their holdings by 40% in January alone. On-chain analytics firm IntoTheBlock states that despite the recent steady movements of the altcoin price, ADA millionaires continue to accumulate actively.
Altcoin whales increase ADA holdings by 40%
Whales with 1-100 million ADA have increased their balances by 40.65% in just the first month of 2022. Examined by IntoTheBlock, these addresses hold 24.87% of the circulating supply, or 33.57 billion ADA. As a result, it seems that the whale class has continued to accumulate ADA from the bottom prices since the September peak. cryptocoin.com Cardano wallets with balances between 10,000 and 1,000,000 ADA have increased by 15,000 since mid-December 2021. Whales doubled their holdings, accumulating 53.6 million ADA at the end of January. Official IntoTheBlock tweet:
Latest developments from the altcoin project
Following the updates on the Cardano Blockchain, Tim Harrison, Director of Marketing and Communications at IOHK, associated with the altcoin project, reported that a series of network adjustments could come before the weekend. With updates, the Cardano network continues to be optimized and scaled to prepare for future growth as demand grows. At the beginning of January, the 1.33.0 node was released, allowing changes to some network parameters, including block size and memory units. As part of its optimization efforts, IOHK recently announced that the blockchain size will increase by 11%. Thus, the total block size will increase from 72 KB to 80 KB, which increases Cardano’s processing capacity. Additionally, the consensus layer’s “pipeline” improvement, which facilitates faster block propagation, is one of the key developments planned for 2022.
Cardano (ADA) price movements
Cardano (ADA), the 6th largest cryptocurrency by market capitalization, has lost 30% compared to last month. Altcoin whales increased their ADA holdings by 40% in the process, according to data provided by IntoTheBlock. At current levels, ADA is trading 65.1% below the $3.09 ATH price. These levels were previously ADA’s strongest support between February and June 2021. Cardano has been in a downtrend since September 2, 2021. In the process, it fell from the top 5 in the market capitalization ranking to the sixth place.
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