Cardano (ADA) recorded an interesting event lately as the number of old addresses transferring ADA has hit its highest level since April 2020.
According to data from Santiment, the amount of ADA shifted multiplied by the age of dormant coins is back to the April 2022 level. This is evidence of a grand awakening from ADA HODLers, a good move for its ecosystem.
🐳🦈 #Cardano has hit a major dormant coin activity milestone. Monday marked the highest amount of older wallets moving $ADA since April, 2022, indicating more coins are moving back into circulation. 100K-10M $ADA wallets are also accumulating again. https://t.co/TwwQkHZbzA pic.twitter.com/kDjntuV7AS
— Santiment (@santimentfeed) October 31, 2023
Data shows several spikes in ADA moved with regard to the age of dormant coins. The first of these spikes came on August 30, and the second recorded spanned from September 23 to October 1. The latest spike is the largest and underscores the intensity of the whale revival.
Cardano Whales Rebuilding Momentum
The Santiment data shared insights into the activities of whales and sharks in the past 2 weeks. Per Santiment’s designation, Whales and Sharks are addresses holding at least 100,000 to 10,000,000 ADA. This class of holders has accumulated 43.71 million ADA in the past 2 weeks. These addresses now hold 33.43% of ADA’s supply.
Over the past year, Cardano has showcased a robust uptick in wallet activities, a key metric to determine network growth. In April, The Crypto Basic reported that Cardano added a total of 79,196 non-zero addresses, marking a significant 4.4 times increase in this category of addresses on the network.
This figure highlights the growth in the adoption of Cardano, and it complements the total wallet address on the network at the time pegged at 4,029,148. To further highlight this growth, data from IntoTheBlock pegs the total number of addresses on Cardano at the time of writing at 4.46 million ADA. By projection, the total address count on Cardano may hit 10 million ADA by 2025.
Over the past year, the daily active address count remains one of the key metrics Cardano Founder Charles Hoskinson relies on to measure the growth of the blockchain. IntoTheBlock data pegs the current Daily Active Users at 37.57K.
ADA Eyes Positive October Close
After an eventful month, Cardano aims to close October on a stellar note. At the moment, the price of ADA sits at $0.3005, up 2.35% atop a market capitalization of $10,494,936,210.
Cardano’s trading volume, up 51% to $240,672,785 is proof that the buying momentum that can drive price growth is existent. Overall, ADA has recorded an 18.8% jump for the month.