Whales, crypto wallets holding large amounts of a particular cryptocurrency, for long have been said to manipulate the market. In the case of Cardano, this statement can be said to be 94% true.
According to data from Coin Metrics, the top 10% of Cardano whales hold a massive 94% of all Cardano (ADA) – 31 billion ADA out of the total 33.43 billion coins – currently circulating in the market.
How Did Cardano Get Here?
In 2021, Cardano has been one of the most active networks, completing the Alonzo network upgrade, ushering the network into an age of smart contracts, dApps, and DeFi.
Sponsored
As the Cardano network released updates, the data showed that whales continued to accumulate ADA rather than sell their coins.
The top 10% of addresses holding Cardano (ADA). Source: Coin Metrics
At the start of 2021, the top 10% of Cardano addresses held 30 billion ADA coins. However, the number of ADA held by these addresses has now gone up by over 1 billion, representing an increase of 3%.
On the Flipside
- Cardano (ADA) is predicted to rally as much as 30% in the coming days as it appears to have formed a classic bullish reversal pattern.
Why You Should Care
Despite a turbulent 2021 for the whole crypto industry, Cardano whales appear unmoved, retaining the belief that ADA will breakout.