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Cardano Records Staggering 15,000% Increase in Whale Addresses from December: Details

Tue, 02/01/2022 - 11:16
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Tomiwabold Olajide
Cardano has seen a massive 15,000% uptick in whale addresses since December: Details
Cardano Records Staggering 15,000% Increase in Whale Addresses from December: Details
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Recent data from Santiment reported by a prominent cryptoanalyst indicate that the number of Cardano addresses with a balance between 10,000 to 1,000,000 ADA has surged by 15,000% since mid-December 2021.

The 15,000% increase amounts to roughly 3,900 wallets joining the network since then. The number of ADA wallets is also on the verge of breaking the three million mark as the Cardano network records significant milestones.

Cardano's SundaeSwap DEX, the first of its kind to go live on Cardano, has also marked its first week of operation, in which it recorded $71.69 million TVL (total value locked) and more than 300 active trading pools on the exchange, as stated in a recent release.

IOHK, Cardano's parent company, also notes that some DApps such as Milkomeda are expected to debut in the coming weeks. Milkomeda is a Layer 2 solution that aims at delivering EVM capabilities to non-EVM blockchains. It is also able to deploy new sidechains to target other smart contract languages.

Cardano price action

As earlier reported by U.Today, on-chain data from Santiment indicates that the category of holders with a balance between 10,000 and 1 million ADA have been actively accumulating, suggesting the significance of the growth in the number of these addresses.

The on-chain analytics firm notes that these investors have more than doubled their holdings by accumulating $53.6 million in tokens.

The Cardano price continues to engage in sideways trading around the $1 mark. Data from IntoTheBlock suggest the $1 mark is significant support for the ADA price as nearly 341,500 addresses had previously purchased 7.65 billion ADA near this level.

ADA trades at $1.05 at press time.

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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.