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Cardano Millionaire Whales Have Increased Holdings by 40% in January: Details

Wed, 02/02/2022 - 09:54
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Tomiwabold Olajide
Cardano millionaire whales upped their holdings by 40% in January: details
Cardano Millionaire Whales Have Increased Holdings by 40% in January: Details
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On-chain analytics firm IntoTheBlock notes that Cardano millionaire addresses are actively accumulating despite the flat price action seen for ADA recently. ADA is engaging in sideways trading after dipping to lows of $0.92 on Jan. 22. At the time of publication, ADA was changing hands at $1.06.

IntoTheBlock notes that the balance held by addresses with 1-10 million ADA has increased by 40.65% in just the first month of 2022. It states that these addresses now collectively hold 24.87% of the circulating supply, which is presently 33.57 billion ADA.

ADA seems to be seeing accumulation from different tiers of whales. U.Today reported that Cardano addresses with a balance between 10,000 and 1,000,000 ADA have increased by a staggering 15,000% since mid-December 2021. This category of investors more than doubled their holdings by accumulating $53.6 million in tokens in late January.

Further network adjustments incoming

Following the recent parameter updates announced by Cardano, Tim Harrison, IOHK Marketing & Communications Director, says further network adjustments might come in before the weekend.

IOHK notes that Cardano will continue to be steadily optimized in a series of measured steps, carefully scaling Cardano for future growth as demand increases. The changes introduced by the release of node 1.33.0 in early January permitted changes to some network parameters, including block size and memory units. IOHK recently announced that the blockchain's block size is on track to increase by 11% as part of its network optimization efforts.

The total block size will grow to 80 KB from the current size of 72 KB, implying that Cardano's blocks may now be able to carry more transactions. Pipelining, an improvement to the consensus layer that facilitates faster block propagation, is also one of the key scaling improvements to be deployed in 2022.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.