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Cardano Whales Add $138 Million in $ADA Over 8 Days Amid 'Mild Accumulation'

Altcoins

www.cryptoglobe.com 09 August 2022 04:11, UTC
  
Reading time: ~3 m

Large Cardano ($ADA) holders have accumulated around $138 million worth of the cryptocurrency in little over a week amid what has been dubbed a “mild accumulation” that “could get interesting” if it continues throughout the rest of the month.

According to data shared by popular on-chain analytics for Santiment, Cardano shark and whale addresses accumulated the funds after a mid-June dump around a local price top, and did so in only 8 days, suggesting their appetite for $ADA is rather large.

🐳🦈 #Cardano shark & whale addresses have accumulated a combined ~$138M in $ADA in 8 days after the mid-June dump around the local price top. This is only a mild accumulation for now, but could get interesting if this trend continues throughout August. https://t.co/7ix8VPSkZG pic.twitter.com/uPfuLfbbkl

— Santiment (@santimentfeed) August 5, 2022

Santiment’s data further reveals that after said accumulation, shark and whale Cardano holders – those holding between 10,000 and 10 million $ADA – currently have a combined 0.46% of the cryptocurrency’s circulating supply.

Santiment’s data comes at a time in which popular Cardano influencers are suggesting the cryptocurrency could become “bigger” than “anything seen in crypto before” if decentralized governance on the cryptocurrency’s network works out during the Voltaire era.

The Voltaire era of Cardano, according to the project’s roadmap, provides the “final pieces required for the Cardano network to become a self-sustaining system.” The era will be marked by the introduction of a voting and a treasury system, which will allow network participants to stake their ADA and use voting right to influence the future development of Cardano.

According to Cardano’s documentation, for the network to become truly decentralized it will require “not only the distributed infrastructure introduced during the Shelley era but also the capacity to be maintained and improved over time in a decentralized way.” 

To fund the future development of the network, Voltaire is set to create a treasury system that will see a fraction of all transaction fees “be pooled to provide funds for development activities undertaken following the voting process.”

As CryptoGlobe reported, the total number of wallets on the Cardano blockchain has surpassed the 3.5 million wallet milestone at a time in which the cryptocurrency’s developers are working on its upcoming Vasil hard fork, and support for it keeps growing.

Similarly, the number of smart contracts deployed on the Cardano network has also reached a new milestone above the 3,000 mark for the first time in the cryptocurrency’s history. These developments come as the network moves closer to its Vasil hard fork which is expected to deliver a “massive” performance improvement to the cryptocurrency’s network, but was delayed by “a few more weeks.”

The Vasil hard fork will involve four Cardano Improvement Proposals (CIPs). Investors have nevertheless been betting on it, with data from Coinbase’s price pages showing that users of the Nasdaq-listed cryptocurrency exchange have a typical ADA hold time of over 153 days, meaning that Cardano traders on the platform hold onto their assets for that long before “selling it or sending it to another account or address.”

Image Credit

Featured image via Unsplash


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