Urian B., Tech Times December 14, 2021 at 10:12 pm
“Whales control the market” is a statement made by most of the smaller fish in the market. At Cardano, however, this statement is 94% correct.
It was recently found that only 10% of the richest Cardano addresses control a massive 94% of all ADA supply.
10% of Cardano Whale addresses control 94% of ADA offerings
According to Finbold’s story, Cardano whales appear to have remained motionless despite the ups and downs the cryptocurrency industry faced in 2021. In fact, it has been found that a small number of the richest ADA holders hold around 94% of the total supply for said cryptocurrency.
The data cited in the publication show that the top 10% of Cardano whales hold a massive 31 billion ADA as of December 13th, out of the 33.43 billion total coins currently circulating in the market. This data was extracted from Coin Metrics, an on-chain analytics platform.
Top addresses have started to amass more ADAs
It is noteworthy that the number of ADAs, which belong to the top 10% of addresses, has grown steadily since the beginning of 2021. Additionally, 30 billion ADA was initially held by the addresses, which grew 3% in January.
Interestingly, the Coin Metrics data shows that the top addresses have accumulated even more ADA. This correlates with the increase in development activities within the network.
Cardano, Polkadot and Solana top 3 networks
With 2021 coming to an end in just a few weeks, Cardano, Polkadot and even Solana were actually ranked among the three networks with the highest daily development activity, according to data from Santiment.
In October, digital asset manager Grayscale Investment reported an “Introduction to Cardano” and said it was undervalued compared to Ethereum. The report came after ADA hit its record high of more than $ 3 in early September. It came from just $ 0.178 in January.
Cardano price prediction 2021
The crypto community has also bet that Cardano’s price will rise a whopping 80% to hit $ 2.4 by the end of the year. This is taken as a sign that the church has confidence in their ascension.
Cardano also currently holds the record for higher on-chain activity with twice the transaction volume of Ethereum. It is also classified as the second most active chain.
Also read: Top 10 cryptocurrencies in the last 7 days semi-bearish | SOL moves up in the list
10% of BTC wallets control 99% of the circulating supply
At the moment, only a small percentage of whales control most of Cardano’s supply. It is important to note that this is not only the case with Cardano, but also with other cryptocurrencies.
An example of this is the top cryptocurrency Bitcoin, the top whale of which also controls an even higher percentage of the total circulating supply.
Finbold previously reported that 99% of the circulating supply of Bitcoin was held by even 10% of the BTC wallets. Because of this, questions about Bitcoin’s decentralization claims have risen as the miners were massively concentrated in China at the time.
No specific issue is raised with regards to Cardano, although holdings have increased significantly.
Related Article: Over 9M in Top Crypto Traded on Binance | Whale movement spotted
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Posted by Urian B.
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