Although the asset’s price has remained relatively calm in the past few weeks, medium-sized ADA investors have added almost 80 million of the tokens in a month, reveals on-chain data provided by Santiment.
The analytics company categorizes the different types of Cardano investors, separated into groups from 10K to 10M, in colors, and almost all have been disposing of their assets since February.
Whales (holding between 1M and 10M coins) dumped the most, especially since the mid-June crash occurred. However, they have reduced the sell-off significantly in the following weeks, as Santiment noted.
Cardano Price vs. Different Types of Holders. Source: Santiment
At the same time, smaller ADA investors, dubbed sharks (between 10K and 100K tokens), have resumed accumulating by purchasing just over 79 million ADA in the past month or so. Given the asset’s price as of now (shy of $0.5), this amount equals $37 million.
Speaking of price action, Cardano’s native crypto went from over $0.65 to below $0.45 during the mid-June crash. It bounced off and challenged $0.55 shortly after but failed and currently stands around $0.5, as mentioned above.
This latest accumulation comes at an intriguing time for ADA and especially the blockchain project behind it, as the community expects the Vasil upgrade to be implemented soon.
Input-Output Global – the entity behind Cardano – postponed the hard fork in June. Although the new date has not been released yet, the Vasil update went live on the Cardano testnet on July 3.
DeFiLlama data shows that the TVL on Cardano has taken a hit due to the ongoing bear market and the declining prices, and it’s down to $125 million from $350 million earlier this year.