Cardano’s major investors, both those with substantial holdings [“whales”] and more active traders [“sharks”], have been engaged in a period of accumulation. Recent data brought attention to these trends, highlighting that the prominent layer-1 blockchain has a collection of wallets exceeding 25,000, each containing more than 100,000 ADA tokens.
This count of wallets possessing 100,000 or more ADA tokens is the highest observed in a span of 16 months, mirroring the situation last witnessed on April 20, 2022. Although the cryptocurrency’s market capitalization has experienced a decline of 35% since reaching its peak four months ago, institutional investors and significant traders remain optimistic about Cardano’s long-term potential. As a result, they are amassing ADA tokens at a reduced price.
However, retail investors do not share the same level of positivity. On-chain data from Coinglass illustrated that the number of addresses holding between 0 and 1,000 tokens either remained stagnant or decreased.
It is also important to note that the current downturn in price action is in tandem with the broader bear market in cryptocurrency. Nevertheless, the accumulation of sharks and whales is a positive sign for the long-term health of Cardano. It suggests that there is still demand for cryptocurrency, even in a bear market. Additionally, it shows that institutional investors are confident in the project’s future.
Development Activity Of Cardano Spikes
Although the perspectives of traders may vary across different groups, the rise of 98.12 in Cardano’s development activity indicates a strong dedication from developers to enhance the operational environment within the Cardano ecosystem.
Meanwhile, Charles Hoskinson, one of the co-founders of Cardano, introduced HoskSaid, a website designed to facilitate direct interaction between himself and users. Positioned as a platform to connect with him, it offers users the opportunity to ask questions and explore his previous live sessions. This innovation, considered unique in the blockchain sector, functions as a gateway for users to access videos, tweets, and public statements dating back to 2018.
In a video podcast, Hoskinson championed the concept of establishing a self-sustaining, decentralized community that can operate autonomously. He highlighted the fundamental value of accountability inherent in blockchain and Web3 technologies. Additionally, Hoskinson underscored the importance of political figures embracing similar accountability, aligning their actions with the principles of the blockchain realm.