Similar to many other crypto assets, Cardano(ADA) is also experiencing a bearish trend over the recent years as its top whales have increased their supply, hitting a two-year high.
According to a tweet from Santiment, an on-chain and social metrics platform, Cardano’s largest whales are holding 46.6% of the total token supply.
The chart shows a melodramatic surge in the supply ratio of ADA held by Cardano whales. These whales had just 10.2% of the total supply in their wallets about 14 months ago.
Santiment also revealed that a major chunk of the whale addresses on the chart actually is credited to cryptocurrency exchanges.
Cardano’s Other Positive Advancements
On the other hand, in early April, the Cardano supply held by mid-tier holders or addresses in the range of $100 and $100,000 worth of ADA reached its all-time high in early April. They held 16.8% of the available supply at that time.
Coincidently, at the same time, the number of smart contracts based on Cardano crossed the 2,000 mark. Interestingly, this number has been increasing since the time the network introduced smart contract functionality in September 2021.
In late March, a report by Finbold highlighted the surge in Cardano’s institutional demand, which the increase in on-chain transactions above $100,000 exhibits. These transactions that involved Cardano have increased by over 50% since the year change.
Whales or large-scale investors and institutions might take this as a business opportunity to collect the asset before its upcoming Vasil hard fork in June, considering the drop in the price of ADA from its all-time high of $3.10.
Cardano has also experienced a great surge in the number of wallets added to its network in the same period. Over 450,000 new wallets have been added since January 1, or approx. Five thousand daily, reaching the mark of 3 million wallets in early February.
Price Analysis Of ADA
At the time of writing, ADA was exchanging hands at $0.962338, down 0.25% in the last 24 hours and approx. 20.88% drop across the past seven days.
The current market cap of Cardano is $32.24 billion, leading it to become the eighth-largest cryptocurrency by market cap.
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