Accumulation phase for Cardano continues as shark addresses keep on buying coins

According to Santiment, supply is moving away from whale addresses, i.e., those holding more than 100,000 ADA. This reduced supply is being absorbed by the mid-low and mid-high segments that have accumulated consistently.

Cardano addresses with up to 100,000 ADA now hold record-high percentage of supply

Cardano holders with $100 to $100,000 worth of ADA have set a record high of 16.8% of the current supply.  According to the data provided, low-end addresses (those holding less than $100) have only 0.128% of the ADA supply in their wallets, but they are growing.

accumulation-phase-for-cardano-continues-as-shark-addresses-keep-on-buying-coins

Source: Santiment

ADA recovered from the low of $1.10 on April 1 to reach the high of $1.23 seen at press time. Currently, ADA is still down 60.95% from its all-time high, near $3. As ADA continues in its attempt to recoup these losses, the accumulation phase for Cardano continues as shark addresses keep on buying coins.

According to IntoTheBlock, ADA has seen a 50-fold increase in on-chain transaction volume, resulting in institutional inflows into the network. The added fundamental value of the project manifests itself in the rapid rise in institutional volume. Since the beginning of the year, additional use cases for the blockchain have been continuously being developed—for instance, the EVM-compatible Layer 2.

The Milkomeda Foundation announced the creation of C1, an Ethereum Virtual Machine-compatible sidechain directly connected to the Cardano blockchain. Users can now quickly move assets between the two blockchains, allowing popular Ethereum-based dApps to work on Cardano. This is achieved by encapsulated smart contract technology, recently pioneered by Milkomeda.

With the release of new solutions on-chain, Cardano becomes more suitable for institutional investors who often look for the actual value behind the project rather than speculative profits. ADA is currently breaking through the top 10 for 24-hour gains, up 4% at $1.21.

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