On-chain analytics firm Santiment reports that Cardano ''shark addresses'' holding 10,000 to 100,000 ADA tokens have accumulated almost half of Cardano's total supply of 34.12 billion ADA, adding 6% more in the last five weeks.
? #Cardano shark addresses holding 10k to 100k $ADA have historically done a pretty outstanding job at calling tops. And over the past 5 weeks, these addresses have added ~6% more of the overall $ADA supply. Read our quick take on how the #7 asset looks! https://t.co/WUAuRUoZmr pic.twitter.com/uMSdsYa6TA— Santiment (@santimentfeed) February 23, 2022
According to Santiment, this category of addresses has seen rapid growth, feeding off the whale dump. The on-chain analytics platform notes that large ADA addresses holding 100,000 to 1,000,000 ADA, on the other hand, have trimmed their holdings from 37.0% to 17.7% in the last three months. These two conflicting actions seemingly balance each other, creating a mostly neutral scenario.
Overall, since the start of the year, Cardano ''shark'' addresses have notably added 10% more to their holdings.
Cardano is still top in on-chain activity
The Cardano blockchain has experienced an explosion in on-chain activity in the past month despite lackluster price trading.
Per recent data from Messari, apart from Bitcoin, Cardano is presently in first place in terms of transaction activity, outpacing Ethereum and Litecoin. Based on transaction volumes, Cardano overtook Ethereum and Litecoin at $16.98 billion, while the latter registered 24-hour volumes of $6.27 billion and $2.90 billion, respectively.
Amid a string of favorable fundamentals, Cardano's price has declined steadily since attaining all-time highs of $3.09 in September 2021. At a present price of $0.925, ADA is up 10.18% in the last 24 hours and remains down 71.93% from its all-time highs, as per CoinMarketCap.