On-chain analytics firm Santiment reported that “shark addresses” holding 10,000 to 100,000 ADA tokens have almost half of Cardano’s total supply of 34.12 billion ADA, adding more than 6% of the ADA supply in the past five weeks.
🦈 #Cardano shark addresses holding 10k to 100k $ADA have historically done a pretty outstanding job at calling tops. And over the past 5 weeks, these addresses have added ~6% more of the overall $ADA supply. Read our quick take on how the #7 asset looks! https://t.co/WUAuRUoZmr pic.twitter.com/uMSdsYa6TA
— Santiment (@santimentfeed) February 23, 2022
According to Santiment, this address category has seen rapid growth. The on-chain analytics platform states that major ADA addresses holding between 100,000 and 1,000,000 ADA have reduced their holdings from 37.0% to 17.7% in the last three months. These two contradictory actions apparently balance each other and create an often neutral scenario.
Overall, since the beginning of the year, Cardano “shark” addresses have added 10% more to their investments.
Cardano still tops on-chain activity
On top of that, the Cardano blockchain experienced a boom in on-chain activity over the past month, despite lackluster price trading.
According to the latest data from Messari, outside of Bitcoin, Cardano currently ranks first in terms of transaction activity, surpassing Ethereum and Litecoin. By transaction volumes, Cardano outpaced Ethereum and Litecoin with $16.98 billion, while ETH and LTC recorded 24-hour volumes of $6.27 billion and $2.90 billion, respectively.
Amid a series of positive fundamentals, Cardano’s price has fallen steadily since hitting an all-time high of $3.09 in September 2021. ADA, which is currently $0.925, has increased by 10.18% in the last 24 hours.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.