Cardano Diamond Hands: Long-Term Holders Unfazed by Sell-Off

Holders of the Cardano (ADA) token, who have not parted with their tokens for at least one year, now control a cumulative 10.12 billion ADA tokens ($9.5 billion), according to data provided by cryptocurrency data company IntoTheBlock.

Regardless of the price action, @Cardano's holders remain strong.

The balance held by HODLERS- addresses holding >1 year, is at a multi-year high.

These HOLDERS increased their positions to 10.12b $ADA, the largest balance since December 11, 2019.https://t.co/JwHPqq3yKQ pic.twitter.com/s3eMIaE64L

— IntoTheBlock (@intotheblock) February 23, 2022

This is the biggest amount of holdings since Dec. 11, 2019, the data shows.

The metric illustrates a strong "hodler" mentality within the Cardano community.

As the ball clearly remains in the bears' court, cryptocurrency investors routinely take to social media to convince others to hold on as well, attempting to capitalize on the feeling of anticipated regret.

Cardano is still down 69% from its record high, which is in line with other prominent "Ethereum killers," such as Polkadot (DOT) and Solana (SOL). Those who have held the token for over one year are now in the red. The ADA cryptocurrency is down roughly 6% over the last 12 months after peaking at its current all-time high of $3.09, which was reached in early September.

With the token down significantly from its record peak, holders appear to be reluctant to sell out of fear of missing out on future returns. It is worth noting that ADA collapsed a whopping 98.5% during its previous boom-and-bust cycle before seeing enormous gains and outperforming the rest of the top cryptocurrencies in late 2020 and early 2021.

Earlier today, the token spiked 8%, rebounding with the broader crypto market.  Bitrue cryptocurrency exchange made it one of the base currencies.

As reported by U.Today, Cardano recently surpassed three million wallets after experiencing strong network growth. But the blockchain is yet to see a killer app of the likes of Uniswap. The debut of the flagship DEX SundaeSwap was mired in technical issues.

In the meantime, Input Output CEO Charles Hoskinson recently tried to fight off "slanderous" accusations of trying to artificially keep the price of the token float with the help of buybacks.