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Alongside the rest of the cryptocurrency market, Cardano also witnessed a lackluster month. But certain cohorts of high-profile investors have been slowly amassing significant amounts of ADA tokens.
Cardano whales – those holding between 100 million and 1 billion ADA – have added 11% to their balances in the past month, according to ITB’s latest findings.The latest surge indicates a growing confidence or strategic positioning among large ADA holders. As of now, this cohort of ADA investors commands 6.71% of the entire token supply. Such an insight highlights the whales’ substantial influence within the Cardano ecosystem.
Additionally, daily active addresses have followed a similar trend, briefly dipping below 24k this month. These declines in user activity raise concerns about the network’s current usage and adoption rates despite the positive sentiment surrounding Cardano’s price potential.
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