Number of the richest ADA holders controlling roughly 94% of the total circulating supply
Despite the volatile market situation, Cardano whales continue to accumulate coins. And this leaves the richest number of ADA holders controlling about 94% of the total circulating supply of ADA. The richest 10% of addresses in Cardano control 94%...
Despite the volatile market situation, Cardano whales continue to accumulate coins. And this leaves the richest number of ADA holders controlling about 94% of the total circulating supply of ADA.
The richest 10% of addresses in Cardano control 94% of the total circulating supply of ADA
According to Finbold, as of December 13, 2021, the top 10% of whales in Cardano hold more than 31 billion ADA out of 33.43 billion coins in circulation. Notably, the number of ADA in the top 10% of addresses has steadily increased since the year it started. Starting at 30 billion in January, the amount of ADA held by these addresses increased by more than 1 billion, representing a 3% increase.
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The sum of all native units held by the richest 10% of addresses at the end of that interval | Source: CoinMetrics
These top addresses are accumulating more ADA, which correlates with growing activity on the network. Furthermore, Cardano, Polkadot, and Solana are ranked as the top 3 networks with the highest daily growth as 2021 ends.
Cardano has been working on several projects on its networks recently, such as developing smart contracts and the DeFi ecosystem. There is a possibility that these changes could be the catalyst to increase confidence in the asset. This may cause the increasing amount of ADA that whales possess.
Top crypto projects leading in daily development activity | Source: Santiment
The crypto community recently bet that the Cardano price will increase by 80% to reach $2.40 by December 30, showing that the community is confident that it will rise. Cardano has also recorded higher on-chain activity with over 2x higher transaction volumes than Ethereum and ranks as the second most active chain.
Cardano has a small percentage of whales controlling most of its supply, but it is not the only cryptocurrency experiencing this. The number one cryptocurrency, Bitcoin, has top whales controlling an even higher percentage of the circulating supply.
This raised questions about Bitcoin’s claims of decentralization, especially since miners were also largely concentrated in China at the time. Currently, there are no such issues raised regarding Cardano, even as its whale holdings are growing significantly.
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