The number of Large Cardano (ADA) Holders, holding between 10K and 1M ADA coins Surge 15,000% Since December 2021.
It is a popular belief that when the prices of cryptocurrencies fall, traders seize the opportunity to increase their holdings in different coins and tokens.
Interestingly, that is the case of Cardano (ADA), the seventh-largest cryptocurrency by market capitalization, as adoption for the “Ethereum Killer” digital currency has surged tremendously in recent months.
According to data published by Santment Feed, a data scientist that provides on-chain metrics for more than 2,000 cryptocurrencies, the number of addresses holding between 10,000 and 1,000,000 ADA coins surged by 15,000% since mid-December 2021.
Furthermore, the data also suggested that nearly 3,900 addresses holding between 10,000 and 1,000,000 ADA have joined the network since this period.
Everybody and their mothers are buying #Cardano!
Data from @santimentfeed shows that the number of addresses with 10,000 to 1,000,000 $ADA skyrocketed by 15,000% since mid-December 2021.
Roughly 3,900 wallets with 10,000 to 1,000,000 #ADA have joined the network since then. pic.twitter.com/BVlHpUg7JI
— Ali Martinez (@ali_charts) February 1, 2022
The timeframe marks the period when the entire crypto market went through a major dip that resulted in price crashes of all cryptocurrencies, including bitcoin (BTC), ethereum (ETH), as well as ADA.
Recall that after ADA peaked at $3.09 in early November, the value has dipped by over 60%, as the coin currently trades around $1.15 across major exchanges, according to data on Coingecko.
Despite the market crash, Cardano enthusiasts are confident that things will turn around for good in the near future, given the numerous developments lined up for the project.
Recently Per the stat, the number of wallets holding the ADA hit 3 million, representing a 12.24% increase from what was recorded last month.
Developments Fueling the Massive Purchase
With smart contract functionality enabled on Cardano late last year, the blockchain is tipped to become a home for developers seeking to take advantage of the network’s speed and scalability.
Also, Cardano’s smart contract functionality has seen a number of decentralized exchanges (DEXs) considering launching on the network’s mainnet in the coming weeks.
It is worth noting that the entrance of developers and the launch of DEXs on Cardano will foster the widespread adoption of ADA, thus causing its price to soar.
The widespread adoption of ADA since mid-December suggests that traders are taking early positions in anticipation of what is to come for the seventh-largest cryptocurrency in the near future.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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