The number of Cardano wallets with over 10 million $ADA on the network is seemingly on the rise and has grown by 2.4% over the last weeks, showing large holders are accumulating the cryptocurrency even as its price falls.
According to data shared by on-chain analyst Ali Martinez on social media, ADA whales have been accumulating tokens even as the price of the cryptocurrency plunged from over $1 to a $0.818 low.
The analyst also looked at Cardano’s transaction history to find that nearly 83,500 addresses “had previously purchased roughly 27.70 billion $ADA at an average price of $0.92.” Per the analyst, this means the cryptocurrency “would have to claim this supply wall as support to be able to advance higher.”
Ali Martinez’s data comes at a time in which analysis of the typical hold time of the top cryptoassets by market capitalization on Coinbase shows that Cardano and the meme-inspired cryptocurrency Shiba Inu ($SHIB) have holding periods superior to those of most other cryptoassets.
As CryptoGlobe reported, data from Coinbase’s price pages shows Cardano’s ADA has a typical hold time of 121 days, meaning that ADA users on the platform hold onto their assets for over four months before “selling it or sending it to another account or address.”
The ADA and SHIB communities have been hodling onto their funds for months even amid a bear market that saw the value of their assets plunge 38% for the former and 31% for the latter since the beginning of the year.
It’s worth noting that while ADA and SHIB are typically held for longer on the exchange, its users do not represent the entirety of all Cardano and Shiba Inu investors. Other exchanges like Binance also allow trading in the meme-inspired cryptocurrency and in Cardano, and many custody their funds on-chain.
According to Etherscan data, well over 1.1 million ETH wallets are holding the meme-inspired cryptocurrency. Similarly, there are over 3.6 million wallets on the Cardano network and they’re growing at a rapid pace, having added over 500,000 year-to-date.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Unsplash
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