Ethereum (ETH) Rival Cardano (ADA) Has Just Hit On-Chain Milestone

It has been just revealed the fact that Ethereum’s rival Cardano managed to hit an on-chain milestone. Check out the latest reports about this below.

Cardano marks important achievement

Santiment, a market intelligence firm, has recently released new data indicating that Cardano (ADA), a competitor to Ethereum (ETH), has achieved a significant milestone.

According to the findings shared on the social media platform X by the crypto analytics firm, long-time ADA holders have started moving the largest amount of tokens in over a year.

More than that, the report reveals that deep-pocketed Cardano holders have aggressively accumulated nearly 44 million ADA tokens, which is worth about $12.67 million, in just two weeks.

“Cardano has hit a major dormant coin activity milestone. Monday marked the highest amount of older wallets moving ADA since April 2022, indicating more coins are moving back into circulation. 100,000-10,000,000 ADA wallets are also accumulating again.”

As of now, Cardano is being traded at a price of $0.29.

The company also states that Ethereum’s upward momentum is getting stronger according to some key indicators, like a reduction in supply held on cryptocurrency exchanges.

This drop in Ethereum’s supply on exchanges as the price soared suggests that investors are becoming more confident and buying to hold.

Additionally, social dominance, which tracks the percentage of social media discussions about a cryptocurrency asset, is increasing for ETH. This indicates that traders are beginning to pay more attention to Ethereum.

“ETH’s social dominance continues to grow as price moves upwards but it still remains lower than the previous peak, which may suggest there can be some room for it to go before things cool down. Excitement is certainly building up.”

Ethereum in the news

Crypto analytics firm IntoTheBlock stated just recently the fact that Ethereum (ETH) has just hit a “milestone moment for crypto adoption.”

It is also important that we mention the fact that the firm notes Ethereum officially crossed 100 million addresses with a balance.

According to the notes coming from the important analytics firm Glassnode, the number of non-zero ETH addresses was more than 100,000 back in July, but IntoTheBlock stated the fact that it excluded “dust” addresses with balance values less than 0.00001 ETH.