The number of Cardano (ADA) addresses with over 100,000 of its ADA native token recently surged again. This trend comes amid the massive 66% drawdown of the digital currency from its all-time high recorded in May 2021.
According to reports, the largest inflow of ADA was towards wallets belonging to whales. However, an anonymous trader with the Twitter handle @mario_almanzar stated that it was too early to ascertain the reason. The tweet read:
“Here’s a bit of hopium for #Cardano $ADA Hodlers. in the last week the amount of addresses holding 100k plus $ADA has spiked by almost 1k. Might be too early to tell but potentially we see whales accumulating big again.”
Also, in recent days, the number of the aforementioned type of whale wallets increased by 1,000.
In May last year, ADA hit a $3 record high but is currently changing hands at just over $0.87. Although this figure is some way off the all-time high, it is still a noticeable improvement over the $0.75 one-year low from February this year.
Development activities pertaining to Cardano have been at a high tempo of recent. Its engineers from Input-Output released an updated version of Daedalus software. The latest version is superior to the preceding one regarding resource efficiency.
Furthermore, Cardano’s decentralized trading protocol Sundaeswap DEX is presently capable of finalizing swaps in under a minute.
Image Credits: Pixabay
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