Top Cardano (ADA) Whales Increase Supply Significantly
Data reveals a remarkable increase in the total supply of ADA held by whales as indicated in the supply ratio of the asset.
ADA whales are stacking up
According to a tweet by online behavior analytics platform Santiment, despite having plunged by 59% in the past 7 months after hitting its all-time high of $3.10, the percentage of ADA supply held by its whales has significantly increased to a 2-year high of 46.6%.
Santiment describes ADA whales as wallets holding 10M ADA (appr. $9.4m as at time of writing) or more.
As seen on the chart provided by Santiment, just 14 months ago – early-February last year – ADA whales had about 36.4% of total supply of the digital asset which is around 10.2% short of the ratio today. The percentage has since then increased gradually to what we see today.
According to Coinmarketcap, the total amount of ADA in circulation is 33.7 billion with a maximum supply of 45 billion.
Last week, Santiment also tweeted a chart showing how low-mid and high-mid tier wallets (holding 100 to 100k ADA) were steadily “accumulating” more ADA, thus increasing their supply ratio to an all-time high of 16.8% as ADA bounced back above $1.22.
The Santiment chart also indicated that supply was moving out of the high/whale tier wallets (holding 100k+ ADA) with an all-time low of 83.1% of total ADA supply being held in those wallets.
Conclusively, the chart suggested a steady growth of the supply ratio of low-tier addresses (holding 100 ADA or below) to a percentage of 0.128 – a 40% increase from the 0.091% supply ratio of October last year.
ADA prices crumble
The current market situation has not been favourable to ADA as it has seen a 21% plunge from its $1.199 value just last week to a price of $0.948 as at time of writing (data from Coinmarketcap).
Nevertheless, analysts predict a good comeback from the recent challenges ADA has been facing especially with reports of Grayscale Investment unveiling its “Smart Contract Platform ex Ethereum Fund” (called “GSCPxE”) which looks to bring to major limelight other smart contracts outside of the Ethereum blockchain. The fund consists majorly of ADA with a 24.6% dominance.
- How the Crypto Market Could React to the Next Fed Meeting on October 29?
- $1.68 Trillion T. Rowe Price Files for First Active Crypto ETF Holding BTC, ETH, SOL, and XRP
- Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions
- Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7
- Robinhood Lists Binance Coin as BNB Outperforms BTC, ETH, SOL YTD By Over 30%
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
