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Cardano Ecosystem

TheCryptoBasic

02/23/2022

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Top ADA Addresses Adds More, Cardano Price Performance Causes Unusual Adoption of ADA

User activity in the adoption of Cardano (ADA) has been utterly unusual in the past few months.  According to a blog post by Santiment Feed, the number of addresses holding between 10,000 and 100,000 ADA has continued to spike,...

Top ADA Addresses Adds More, Cardano Price Performance Causes Unusual Adoption of ADA

User activity in the adoption of Cardano (ADA) has been utterly unusual in the past few months. 


According to a blog post by Santiment Feed, the number of addresses holding between 10,000 and 100,000 ADA has continued to spike, with over 6% of the token’s total supply accumulated by this category of users in the last five weeks. 

🦈 #Cardano shark addresses holding 10k to 100k $ADA have historically done a pretty outstanding job at calling tops. And over the past 5 weeks, these addresses have added ~6% more of the overall $ADA supply. Read our quick take on how the #7 asset looks! https://t.co/WUAuRUoZmr pic.twitter.com/uMSdsYa6TA

— Santiment (@santimentfeed) February 23, 2022

Unfortunately, addresses holding between 100,000 and 1,000,000 Cardano cryptocurrency have not been able to maintain the same momentum, as they have plummeted from 37% to 17% in the past three months. 

Cardano ADA Price Action 

The massive price fluctuation of Cardano causes unusual activity since it reached an all-time high (ATH) of $3.09 in September 2021. 

Cardano, the popular smart contract platform nicknamed the “Ethereum Killer” by its supporters, has not enjoyed a pleasant journey since its native cryptocurrency peaked at $3.09, as it has fallen over 70.2%. 

The majority of the massive dip was caused by a number of factors, including the upcoming Fed’s interest rate slated to go live in March 2022 and the heightened tension between Russia and Ukraine. 

However, investors have continued to show signs of mixed reactions to the dip, resulting in the unusual adoption of the cryptocurrency. 

While there has been increased growth in the number of addresses holding between 10,000 and 100,000 ADA coins, the number of users holding between 10,000 and 1,000,000 tokens has been on a decline. 

Short Position and High Transaction Volume Can Pump Price

Following the decline in ADA price, a recent analysis of the coin’s average hourly funding rate on FTX and DYDX cryptocurrency exchanges shows that several traders are shorting at their highest ratio in a month. 

A similar trend was also observed on the world’s largest cryptocurrency exchange, Binance, suggesting that traders are heavily trading shorts for ADA. 

Although the negative funding rate signifies that a majority of traders are expecting ADA prices to fall lower, most times, these positions can propel the price of Cardano to surge higher, thus resulting in massive liquidation. 

Furthermore, high transaction volumes of at least $100,000 can contribute to pumping ADA prices again. 

Santiment reports that only a few $100,000 and above transactions are being carried out at the moment. Still, it is expected that more will take place in the coming days as the Cardano team continues to deploy valuable initiatives. 

As reported, Dan Gambardello, owner of Crypto Capital Ventures (CCV), noted that ADA is a sleeping giant that will soon explode

Meanwhile, The Crypto Basic reported that the number of Cardano holders holding between 10,000 and 1,000,000 ADA has skyrocketed by 15,000% since December 2021. 

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Albert Brownhttps://thecryptobasic.com/

Albert Brown is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. Holds major cryptocurrencies and has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

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ORIGINAL SOURCE

https://thecryptobasic.com/2022/02/23/ca...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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