Recent marker data released by Santiment blockchain analysis company indicates that Cardano (ADA) wallet addresses that hold huge amounts of ADA are accumulating despite the underwhelming performance of the price of ADA.
ADA whale and shark address activity (Source- santiment)The data from Santiment shows that the number of addresses that hold between 10,000 and 100,000 ADA coins had been constantly growing in the past month. Furthermore, the number of wallets that hold between 100,000 and 10 million ADA has remained flat, which shows that ADA whales have stopped dumping the coin.
This accumulation of ADA might be directly connected to the Vasil Hard Fork that is coming up. Despite that event being delayed, the Cardano developers have made considerable progress and have already deployed the upgrade to the testnet. As a result, the ADA sharks have accumulated nearly 79.1 million ADA.
Looking at the Cardano (ADA) price, it stands at $0.4721 after a 1.99% dip over the last 24 hours and a small drop in the past hour, based on CoinMarketCap data. Despite the drop in price, ADA has posted gains in the past 7 days, with a 5.08% increase in price over that period.
ADA is now ranked as the 8th largest crypto project by market capitalization with a total market value of $15.91 billion. It ranks above Solana (SOL) which has a market cap of $12.87 billion but below XRP remittance token which has a market cap of $16.04 billion.
As the crypto market starts the new week, the daily trading volume for ADA is expected to be $589,228,353, a 29.08% increase in the past 24 hours.
