Top whales of Cardano increase supply significantly
Data reveals a remarkable increase in the total supply of ADA held by whales as indicated in the supply ratio of the asset.
ADA whales are stacking up
According to a tweet by online behavior analytics platform Santiment, despite having plunged by 59% in the past 7 months after hitting its all-time high of $3.10, the percentage of ADA supply held by its whales has significantly increased to a 2-year high of 46.6%.
Santiment describes ADA whales as wallets holding 10M ADA (appr. $9.4m as at time of writing) or more.
As seen on the chart provided by Santiment, just 14 months ago – early-February last year – ADA whales had about 36.4% of total supply of the digital asset which is around 10.2% short of the ratio today. The percentage has since then increased gradually to what we see today.
According to Coinmarketcap, the total amount of ADA in circulation is 33.7 billion with a maximum supply of 45 billion.
Last week, Santiment also tweeted a chart showing how low-mid and high-mid tier wallets (holding 100 to 100k ADA) were steadily “accumulating” more ADA, thus increasing their supply ratio to an all-time high of 16.8% as ADA bounced back above $1.22.
The Santiment chart also indicated that supply was moving out of the high/whale tier wallets (holding 100k+ ADA) with an all-time low of 83.1% of total ADA supply being held in those wallets.
Conclusively, the chart suggested a steady growth of the supply ratio of low-tier addresses (holding 100 ADA or below) to a percentage of 0.128 – a 40% increase from the 0.091% supply ratio of October last year.
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