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HomeCrypto NewsCardano Shark Accumulation Picks Up, with 331M ADA Amassed Since Nov 7

Cardano Shark Accumulation Picks Up, with 331M ADA Amassed Since Nov 7

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The accumulation surge has resulted in a total of 4 billion ADA held by key shark addresses, representing their largest supply ratio held in a year and a half.

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Cardano shark addresses (holding 10K to 100K ADA) have been on an accumulation trend since June when the market witnessed the coldest touch of the Winter yet. Following an aggressive surge in momentum at the start of the FTX saga, these shark addresses currently hold a cumulative balance of 4 billion ADA, the largest in a year and a half.

The exciting development was recently uncovered by the crypto analytics platform Santiment in a report on Twitter. In what appears to be a buy-the-dip campaign, these shark addresses have amassed up to 331M ADA worth $83M since Nov 7, following ADA’s dip to lows last seen in January of last year. 

The recently-witnessed sharp increase in accumulation resulted in a cumulative balance of 4B ADA held by shark addresses, representing 11.6% of the asset’s total supply. This supply ratio held by shark addresses is the largest since July 2021.

“Key Cardano sharks have been accumulating steadily since June. And they have taken this level of dip buying to a new level since the FTX fallout in early November. Addresses holding 10k to 100k ADA have added $83M worth of coins since Nov 7,” Santiment revealed in a tweet Thursday, sharing a chart to corroborate the claim.

The chart reveals a sudden increase in accumulation in late June which remained sustained till mid-August before losing steam until November.

Cardano Addresses have Increased amid Bullish Reports

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Meanwhile, data from crypto market intelligence provider Messari reveals that addresses on the Cardano chain have increased to 4.2M as of press time, with addresses holding ADA worth at least $1M reaching 772 and addresses holding at least $1K worth of the asset up to 340K in number as a result of the accumulation.

Despite the market-wide downturn, this accumulation trend persists amidst favorable reports on the Cardano chain. Early this month, COTI launched the testnet v.1.1.1 of the Cardano stablecoin Djed, enabling Vasil compatibility. A few days before the launch, reports surfaced revealing that Cardano topped the list of highest development activity for any network in November.

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Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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