ADA millionaires now own more than 25 billion tokens for the first time ever, according to Santiment’s latest findings.
At $0.26, Cardano (ADA) continues to trade well below its previous market highs, but major holders of the No. 11 cryptocurrency asset by market cap appear unfazed.
In fact, new data suggests that Cardano millionaire wallets are constantly expanding their ADA holdings.
Aggressive ADA buying spree
According to cryptocurrency analytics platform Santiment, wallets contain at least 1 million ADA increased steadily Their share of the supply. These wallets now collectively hold 25.09 billion ADA, representing 67.47% of the current circulating supply. The accumulation trend has continued even as Cardano’s market capitalization has fallen by more than 70% over the past nine months. The “millionaire” class of sharks and whales appears to be benefiting from lower prices, Santiment said.
Amid the ongoing accumulation by major Cardano holders, cryptocurrency analyst Ali Martinez recently He pointed out To the $0.25 level as a historically important price area for ADA. According to Martinez, Cardano saw a strong recovery after maintaining this level in January 2023, with the asset rising more than 88% in the following weeks.
A similar trend was revealed in September 2023 as well, when ADA once again maintained its support at around $0.25 before later recording a 243% rise. With Cardano currently trading above $0.26, the same support range remains important to the asset’s price structure.
Based on his analysis, continued strength above the $0.25 area could support a move towards $0.36, while a broader rally could push ADA towards $0.53. However, he warned that losing the support range could lead to a deeper correction.
Intensify the debate on expansion
Price aside, Cardano continues to do so face Criticisms about the pace of its development and the expansion of progress. In response to these concerns, Cardano founder Charles Hoskinson recently said I paid Once again against claims that the network has “abandoned scaling in favor of governance.”
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Hoskinson said Cardano’s scaling research has been ongoing since before the Shelley era and has included years of work across Layer 2 solutions, the expanded UTXO accounting model, zero-knowledge technologies, partner chains, and the Leios protocol. He explained that many of these initiatives required extensive research, scientific publications, and long-term engineering efforts that could not be accelerated simply by adding more developers.
Hoskinson also emphasized that implementing Voltaire’s system of governance did not divert resources away from expanding research.
