- The Cardano ecosystem is growing steadily. More and more people have started holding their ADA, and there is a great deal of interest in the upcoming ICO.
- Cardano has seen a significant inflow of new accounts since March. They now hold up to 12 million ADA, which is about 10% of the total circulating supply of ADA.
- At the beginning, a new whale held up to 12 million ADA. Some of the whales have been active for over 3 years, while another set of whales entered the market in the last few months.
- A recent study by market research company, Trade Block, suggests that whales have increased their holding of ADA since March, and are holding on to the digital currency for more than a year. The whales are a key component of the cryptocurrency, since they are the ones that are responsible for its creation.
Whales are stocking up on ADA
- Cardano has been on a roll since the beginning of the year. With their massive holdings of the ADA cryptocurrency, whales are stocking up on the token to prepare for the launch of the Cardano network in the summer.
- Whales are holding up to 12 million ADA and are ready to be converted. The whales do not have a huge amount of ADA in their wallets, but they are holding up to 12 million ADA.
- The whales that are now holding on to ADA are an indication of the market’s healthy recovery. In a bull market, whales buy. The whales are in.
ADA faces inflow of funds from institutions
- On March 29, IntoTheBlock shared that Cardano chain had experienced greater demand from financial institutions than usual. The firm reported that their network was able to process more transactions due to the decreased costs.
- This was caused by the fact that ADA has been listed on the Japan’s largest financial group, the SBI Group.
- The news of the inflow of funds into ADA was followed by several comments that the supply of ADA was in jeopardy.
- This was due to the fact that its price had risen considerably during the last two weeks. As a result, the price has started to increase even more, since the price of ADA/BTC is constantly above 1,500$ per coin.
- In general, the blockchain-based cryptocurrency is backed by collateralized debt instruments that may be liquidated by institutions in case of default.
Conclusion
The inflow of new whales (ADA holders) to Cardano has been increasing month by month since March. According to the data from the Cardano node site, the number of ADA-holding users has grown to about 12 million. This reflects the interest in the project and the growth of the Cardano community.
