Cardano (ADA) holders have kept on accumulating as the native token played in the discount zone
Cardano (ADA) holders have continued to accumulate as the native token is issued in the discount zone. In the current market structure, investors took advantage of the pullbacks. Since December 2019, the price of ADA exploded to an all-time high of $3 before entering a downtrend, influenced by the broader crypto market.
ADA holders can expect demand to kick in thanks to…
Regardless of the specifics, the number of Cardano wallets is, at press time, growing linearly. It has grown by 3.66% since the beginning of February 2022. It increased from 299,241.7 on February 1 to 3,101,997 on February 24. According to statistics on Cardano Blockchain Insights, this number has risen by 109,580.
Source: Datastudio.google
Interestingly, a total of 4,565 new wallets have been added to the network daily since February 2022. On February 4, Cardano wallets surpassed three million wallets of the native cryptocurrency ADA. These wallets are currently live on the platform, up from over 200,000 in early 2021.
According to data shared by IntoTheBlock, ADA holders appear to be unfazed by Russia’s military actions and their divisibility. They did not stop accumulating to the point where HODLer increased his position to more than 10 billion.
Company data shows that HODLers accumulated last summer when the price of ADA traded between $1.5 and $1. The data shows that investors buy every time the price falls below the $1 mark. However, Russia’s invasion of Ukraine, coupled with rising inflation, caused the price of ADA to plunge below that mark. Despite the drop, HODLers continue to accumulate to have their balances hit a multi-year high.
Regardless of the price action, @Cardano‘s holders remain strong.
The balance held by HODLERS- addresses holding >1 year, is at a multi-year high.
These HOLDERS increased their positions to 10.12b $ADA, the largest balance since December 11, 2019.https://t.co/JwHPqq3yKQ pic.twitter.com/s3eMIaE64L
— IntoTheBlock (@intotheblock) February 23, 2022
Interestingly, the 7th largest coin also shows similar enthusiasm for its price. At the time of writing, ADA is trading at $0.89, with a net increase of 6% over the past 24 hours.
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Read more:
- Cardano Price Is Outperforming The Top 10 Largest Cryptocurrencies In 24-Hour Gains
- Cardano Records Huge Increase In On-Chain Activity, With New Addresses Rising By 167%