Cardano Hodlers Stack more ADA, But Why?
Cardano has witnessed a surge in activity, propelling the value of ADA tokens to a peak of $0.566 on Feb. 11, marking a six-day high. Although the price has since receded, ADA is still reflecting a weekly...
Cardano has witnessed a surge in activity, propelling the value of ADA tokens to a peak of $0.566 on Feb. 11, marking a six-day high.
Although the price has since receded, ADA is still reflecting a weekly gain of 7%.
According to the most recent report, Cardano’s ADA has dropped by 3.59 percent in the last 24 hours and is now worth $0.536. As per data on Feb.12, the market has dropped, and many ADA buyers are still fully committed to the project.
Look at how long people hold ADA, and how big chunk of the total amount this is.
All that ADA is not bought up by institutions, yet. Probably it’s difficult for them to get those $ADA.
That’s bullish because the remaining ADA is not that much and they will need to pay for it. pic.twitter.com/qrUv5LWE2a
— Pieter Nierop – $enginedriver $cardano-express (@nierop_pieter) February 11, 2024
Many people who own ADA have kept them for more than a year, which shows that they believe in Cardano’s long-term goals and prospects.
HODLers Drive Cardano Support
People who hold on to cryptocurrencies for a long time still believe in their future value, even when the market is volatile. These people are called “HODLers” in the cryptocurrency community, and they continue to support the Cardano environment.
IntoTheBlock, a blockchain analytics company, reported that 23% of ADA investors had kept their ADA for the past five years and now hold 7.085 billion ADA. The amount of money this group has seen steadily grow since the start of 2024.
Also, almost 20% of Cardano buyers haven’t sold the assets they bought in the last six to twelve months, meaning they still hold on to about 6.084 billion ADA. This shows they are optimistic about ADA’s long-term path.
In the same way, about 17% of people who own ADA have kept Cardano assets they bought in the last 18 to 24 months. Together, these people own about 5.1 billion coins.
When considering possible price changes, Ali, a crypto expert, predicts that ADA might run into a lot of resistance between $0.54 and $0.56. This is because that’s where about 50,000 addresses holding about two billion ADA are located.
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