Cardano holders with a supply of 10 million or more ADA have observed a rapid increase. Within the previous two weeks, the number of addresses in this cohort has increased by 12, implying that this group of investors has now added at least 120 million ADA to its holdings.
Although the number of investors owning more than 10 million ADA has decreased dramatically between January and today, the supply held by them has not changed significantly.
These holders used to control almost 48% of the supply in 2019, and despite the fall since then, their holdings began growing again in January of last year, and they now own nearly 47% of all ADA, the largest of any single group.
With just 478 investors alone holding 15.86 billion ADA, the risk of a rapid dump is very real. Even though Cardano has a circulating supply of 33.75 billion ADA, a dump of 10 million or more ADA will likely cause a significant price drop, and given its current state, Cardano doesn’t really need any more of those.
Cardano has done nothing except destroy the aspirations of its investors this month, who were ecstatic with the altcoin’s 54.79 percent gain from the previous month. ADA Price went through important support of $1.02 and $1, a significant psychological threshold, deflating the rise and leaving investors disappointed.
Naturally, as soon as red candles appeared, investors lost interest as well, and the network observed a rapid decrease in transaction count to under 20k per day, the lowest statistics Cardano had seen since December 2020. Until then, the average number of transactions each day was around 80k to 100k.
ADA price analysis:
When compared to Bitcoin, the Cardano market appears to be moving south, with the currency projected to breach below the channel’s lower border. As a result, if the price falls below the channel, the market is likely to see more downtrends.
In the previous 24 hours, the Cardano price has increased by 1.72 percent and is trading at $0.78. If the Cardano price remains under the bearish influence, it is likely to tumble to the nearest supports of $0.52, $0.42, and $0.32. To hit the potential resistance levels of $1.10, $1.20, and $1.30, bulls must push the market price above the important and significant level of $1.