While the asset price has been relatively calm over the past few weeks, mid-sized ADA investors have added around 80 million tokens in a single month, on-chain data provided by Santiment shows.
- The analytics firm categorizes different types of Cardano investors, divided into groups ranging from 10K to 10M by color, with almost all settling their assets since February.
- Whales (between 1M and 10M coins) dumped the most, especially since the crash in mid-June. However, they have Reduced As mentioned by Sentiment, there was a significant selloff in the following weeks.
- Meanwhile, smaller ADA investors dubbed shards (between 10K and 100K tokens), have started accumulating by buying just over 79 million ADA in the past month. Looking at the value of the property so far (shy (shy $0.5), this amount is equal to $37 million.
- Speaking of price action, Cardano’s native crypto went from over $0.65 to below $0.45 during the crash in mid-June. It soon reversed and challenged $0.55 but failed and is currently near $0.5 as mentioned above.
- This latest accumulation comes at an intriguing time for ADA, and especially the blockchain project behind it, as the community expects the Vasil upgrade to be implemented soon.
- Input-Output Global – the entity behind Cardano – postponed the hard fork in June. Although the new date has not yet been released, the Vasil update went live on the Cardano testnet on July 3.
- DeFiLlama data shows that TVL on Cardano has been hit by the bear market and falling prices, falling from $350 million earlier this year to $125 million.
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