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Cardano Whales Added 331 Million Additional ADA After Collapse of FTX

Fri, 12/23/2022 - 11:00
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Tomiwabold Olajide
Key Cardano sharks have been steadily accumulating since June
Cardano Whales Added 331 Million Additional ADA After Collapse of FTX
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According to on-chain analytics firm Santiment, Cardano's key shark address tier now holds four billion ADA, accumulating 331 million more since the FTX implosion. According to Santiment, addresses with 10,000 to 100,000 ADA now hold their largest percentage of supply in 1.5 years, that is, since June 2021.

Key Cardano sharks have been steadily accumulating since June, according to the on-chain analytics firm. It notes that these addresses have taken their dip buying to a new level since the FTX implosion in early November.

Addresses holding 10,000 to 100,000 ADA have added $83 million worth of coins since Nov. 7, when the FTX's liquidity crunch came to light.

Not only are large Cardano addresses adding to their bags, but also the number of Cardano wallets has increased by more than 200,000 wallets. According to the latest information provided by the Cardano Foundation, the overall number of wallets has risen to 3.80 million. At the start of November, this figure was around 3.63 million.

Cardano Smart Contracts Rose 394% in 2022, Here Are Highlights of Year

As of press time, Cardano's ADA is trading up 3.05% at $0.26 and ranks as the ninth largest cryptocurrency in terms of market capitalization. At its current price, ADA is down 91.62% from its all-time high of $3.10, thus providing a massive discount for sharks and whales to accumulate.

Cardano recounts explosive growth in 2022

As reported by U.Today, the number of Plutus scripts is at 4,445 — representing a 394% increase since 2021. Native tokens have surpassed 7.3 million, marking a 192% increase in the yearly timeframe.

The number of minting policies has increased 69% year over year to 66,950. The number of transactions reached 56.9 million, up 139% from 2021.

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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.