The number of Cardano wallets with over $10 million ADA is on the rise, revealing that large holders are hoarding the cryptocurrency even as its price drops. Details are here.
According to data shared on social media by on-chain analyst Ali Martinez, ADA whales are accumulating tokens even as the price of the cryptocurrency drops from $1 to $0.818. During this two-week period, the number of whales in question increased by 2.40%.
The number of addresses with more than 10 million $ADA on the #Cardano network has increased by nearly 2.40% over the past two weeks. pic.twitter.com/v5M18IrgpF
— Ali Martinez (@ali_charts) April 28, 2022
The analyst also looked at Cardano’s transaction history, revealing that about 83,500 addresses “previously purchased ADA for approximately $27.70 billion at an average price of $0.92.” According to the analyst, this means that the cryptocurrency “must turn this supply wall to support in order to go higher.”
Ali Martinez’s data came at the same time as his analysis of the typical holding time of leading crypto assets on Coinbase. Accordingly, Cardano and the popular meme coin Shiba Inu (SHIB) turned out to have superior holding times than most other crypto assets.
The data revealed by Coinbase shows that the typical waiting time for Cardano’s ADA is 121 days, meaning that ADA users on the platform hold their assets for more than four months before “selling it or sending it to another account or address.”
The ADA and SHIB communities have held their funds for months, even in the midst of a bear market where the value of their holdings has plummeted by over 30% since the beginning of the year.
It is worth noting that while ADA and SHIB are generally held for longer periods of time, their users do not represent all Cardano and Shiba Inu investors.
More than 1.1 million ETH wallets hold the meme-inspired cryptocurrency, according to Etherscan data. Similarly, the Cardano network has more than 3.6 million wallets and has added more than 500,000 wallets since the beginning of the year, contributing to the rapid growth of the network.
You can check the price movements here.
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.