Whale Alert for a Well-Established Altcoin! Unseen Data Since 2023 Emerges! Here Are the Details

Cardano ($ADA), one of the oldest and largest altcoins in the cryptocurrency market, is not performing as expected in terms of price.

However, large investors are increasing their $ADA accumulation. On-chain data platform Santiment has found that the amount of $ADA accumulated by whales has reached its highest level since 2023.

“Cardano’s key stakeholders have been steadily accumulating holdings since December 2023, adding progressively larger portions of the available supply to their portfolios.”

According to data released by Santiment, wallets holding more than 1 million $ADA have a total of 25.009 billion $ADA. This represents approximately 67.47% of the total circulating supply and is the highest level since July 2020.

At this point, Santiment noted that $ADA accumulation by whales has continued uninterrupted since December 2023.

This accumulation coincides with a period in which $ADA’s market value decreased by approximately 71%. This indicates that large investors consistently increased their purchases despite the price drop.

Although whale purchases have increased, DeFi activity within the Cardano ecosystem has significantly decreased.

According to DefiLlama, Cardano’s Total Value Locked (TVL) is currently around $137 million. This represents a decrease of approximately 80% compared to the nearly $686 million recorded last December, indicating a slowdown in on-chain availability.

Cardano-based decentralized exchanges (DEXs) generated approximately $1.95 million in daily trading volume. Over the past 24 hours, network fee revenue was $1,767, while on-chain revenue was approximately $353. The number of daily active wallets remained at 15,975.

*This is not investment advice.