A recent report from Santiment shows that wallets that own more than 10 million ADA are now back to holding almost 50% of the ADA in circulation.
The last time these whales owned that much ADA, according to Santiment, was two years ago. The Santiment analytics team, which shared the news, stressed that a large portion of these addresses belongs to crypto exchanges.
Whales hold 46.6% of circulating ADA
Almost half of the circulating ADA supply is back in the ownership of large wallets, including those of centralized digital exchanges. This happened despite the coin's price staying almost 60% below the all-time high of $3.10 reached on Sept. 2.
The overall amount of ADA in circulation totals 33,739,028,516 coins.
? #Cardano is down -59% since its $3.10 #AllTimeHigh. However, the asset's top whales (holding 10M+ $ADA) have returned to their largest percentage of supply held in two years, at 46.6%. Note that a large portion of these addresses are owned by exchanges. https://t.co/N8IVKH7hPx pic.twitter.com/9kwd0bMJHn— Santiment (@santimentfeed) April 11, 2022
Cardano wallets show 1,600% growth
Earlier, U.Today reported that the Cardano ecosystem had recently demonstrated a record growth of ADA wallets by more than 1,600% in the past two years.
Since 2020, the amount of addresses holding ADA has increased from 186,000 to 3,200,000 at present.
Curiously, Cardano met the start of 2022 with only 500,000 addresses. However, in February, the explosive rise took place, taking this metric to its current historic record.
ADA market performance
Since mid-January, Cardano’s native cryptocurrency has been declining. On Jan. 18, it managed to reached a local high of $1.6028. After that, however, the price has been going down.
The lowest it has seen so far in 2022 was the $0.7623 level on Feb. 26. April 10 was the last day the asset held above $1. At the time of writing, ADA is changing hands at $0.9538, dropping there from the $1.06 price mark.