Over the past 6 months, there has been a continuous increase in the transactional volume of Cardano, accompanied by a growing interest from whales and large investors. At present, Cardano (ADA) is trading at approximately $0.29.
According to data from Santiment, an on-chain analytics firm, holders of Cardano with balances ranging from 100,000 to 10 million ADA have accumulated the highest amounts since September 2023. The data also reveals that these same Cardano holders have acquired an additional $116.1 million since May 21, 2023.
As #Cardano sits just above $0.29, whales and sharks holding between 100K-10M $ADA have accumulated back to their highest level since September, 2022. Additionally, #onchain transaction volume has been rising nearly every week for the past 6 months. https://t.co/x9mUHDIhnx pic.twitter.com/X9WphDpPvy
— Santiment (@santimentfeed) August 8, 2023
In terms of ownership distribution, it is notable that only three whales hold a total of 3.23 billion ADA, equivalent to 9.39% of the total Cardano supply. Furthermore, 140 investors collectively hold approximately 7.68 billion ADA, constituting about 22.35% of the total supply. Noteworthy is the fact that the majority of Cardano holdings are in the hands of retail investors, accounting for around 23.46 billion ADA, or approximately 68.26% of the total supply. This underscores the importance of retail support in influencing Cardano’s price movement.
Data from Intotheblock presents a surprising perspective, with only 567.92k addresses, equivalent to 12.80% of the total ADA holders, currently in a profitable position. Conversely, a significant portion of Cardano holders, approximately 3.82 million addresses (86.05% of the total), are facing losses. A smaller fraction of holders, about 50.61k addresses (1.14% of the total), are at breakeven.
Further analysis reveals that a substantial number of holders, roughly 274.94k addresses, purchased Cardano within the price range of $0.255 to $0.264. An additional 108.24k addresses bought Cardano between the range of $0.311 and $0.320. These purchase ranges may contribute to the higher proportion of addresses currently experiencing losses.
In its Q2 2023 report, Messari indicates positive growth for Cardano, including a 49% increase in daily transactions compared to the previous quarter. Additionally, Cardano’s ranking rose from 34th to 21st in terms of total value locked (TVL), with TVL increasing by 9.7% in the last quarter and a remarkable 198.6% increase throughout the year.
The report underscores heightened activity on the Cardano blockchain during Q2. The ratio of transactions to active wallets has been consistently rising over the past five quarters, indicating heightened user engagement. Developer interest and technical improvements, notably led by the decentralized exchange Minswap, have driven this growth. The surge in transactions reflects increasing demand, thereby fostering expectations of potential token price appreciation.
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