ADA Whale Holdings Reach Record High

The amount of coins large investors have accumulated this year has increased by over 40%.

The ADA stash of whales increased by 40% this year
The ADA stash of whales increased by 40% this year

As the programmable blockchain’s decentralized finance (Defi) protocols see rapid growth, large investors known as whales appear to be bargain-hunting for Cardano’s ADA token.


According to data provided by blockchain analytics firm IntoTheBlock, the balance held by addresses with 1 million to 10 million coins reached a record 12 billion ADA ($9.72 billion) last week, a 41 percent increase since late January.
According to Defi Llama, the total value locked in the Cardano network has increased by $50 million in a week, reaching a lifetime high of $160.79 million. SundaeSwap, a decentralized exchange (DEX), holds more than 70% of the funds.

“After years of not launching smart contracts, Cardano appears to be showing signs of promise for more to come. This appears to be translating into a buildup of ADA from major players “IntoTheBlock’s head of research, Lucas Outumuro, stated in a weekly report published on Friday.

“After years of being devoid of smart contract capabilities, Cardano is finally gaining traction in its application layer,” Outmuro observed. “Cardano DEXes have raised capital from reputable crypto funds like Three Arrows Capital.”

Cardano-based DEX AdaSwap announced a $2.6 million fundraise last week, led by venture capital firm iAngels and several other investors, including actress and producer Gal Gadot and her husband Jaron Varsano.

This year, whale holdings have increased by more than 40%. “Following a 70% correction, these addresses have been aggressively accumulating. This group, as well as those with more than 100 million ADA, experienced double-digit growth month after month “According to Outumuro.

Large investors’ renewed interest could be a sign of better times to come, assuming the broader market regains its footing. Whale selling in early September proved to be an early warning sign of a price decline. “These [whale] addresses had previously sold a large portion of their holdings just before ADA began to crash,” Outmuro observed.

ADA peaked at more than $3 on September 2 and has since lost more than 70% of its value. The ninth-largest cryptocurrency by market capitalization was the last trading near $0.8080, a 5% drop in a 24-hour period. lost more than 70% of its value. The ninth-largest cryptocurrency by market capitalization was the last trading near $0.8080, a 5% drop in a 24-hour period.

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