Is Cardano Going Kaput? Majority of Holders are at a loss
With Cardano’s native $ADA token trading below $1, 82% of the cryptocurrency’s owners are currently losing money. Since…
With Cardano’s native $ADA token trading below $1, 82% of the cryptocurrency’s owners are currently losing money. Since hitting an all-time high of $3.1 in November 2021, the price of ADA has been progressively declining.
Just a week ago, 67% of Cardano (ADA) holders were at a loss. This number has swiftly increased to 82% in a matter of days.
According to the latest data by crypto analytics firm IntoTheBlock, only 3% of Cardano (ADA) holders are in a state of breaking even, and only 14% are in profit.
According to the platform’s data, 76% of ADA token holders purchased Ada in the last 12 months, with 12% purchasing it less than a month ago. According to IntoTheBlock data, only 11% of ADA token holders have been holding on to their holdings for more than a year.
Despite the price drop, Cardano’s network has been constantly increasing. According to Cardano blockchain data posted on Google’s Data Studio by the Cardano Fans Stake Pool, the cryptocurrency’s network had over 3.2 million wallets in the first quarter of this year, up from 186,000 in December 2020.
Over 500,000 wallets that carry ADA have been generated so far this year, with 453,000 of those wallets being created in the first quarter. The results indicate that 5,000 wallets were added to the Cardano network on average.
While Cardano (ADA) is now much lower than its all-time high, whales holding over 10 million ADA tokens have “returned to their greatest share of supply held in two years” at 46.6 percent, according to data from on-chain analytics firm Santiment.
Furthermore, on-chain indicators show “prospects are bright” for Cardano’s ADA, according to Kraken’s March 2022 crypto on-chain digest, since the demand for it has been growing over time. According to Kraken’s analysis, ADA’s transaction costs have increased by 51.5 percent year-to-date, from $0.33 per transaction.
At press time, ADA was trading at $0.978800.
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