The number of wallets holding at least 10 million ADA tokens has risen to 424, a four-month high. This represents a 5.2% increase over nine weeks despite the token’s depressed price. During a recent five-day period, the Cardano network processed over $1 billion in on-chain volume.
Data posted Tuesday by analytics firm Santiment confirmed the rise in large holders. The count has increased even as ADA’s price remains about 11% higher than its lowest point this year. Santiment suggested that if the accumulation goes on while prices are still subdued, then it could form a bullish divergence over time.
Figures from Cardano analytics platform TapTools show the network processed over 4 billion ADA, worth over $1 billion, in transactions across five days. This indicates significant network usage alongside the whale accumulation trend. Analyst Ali Martinez had previously flagged large holders picking up about $53 million worth of ADA in one week.
Despite this activity, ADA is trading around $0.24. Its price is down 42% in the last three months and 53% over one year. Trading volume dipped nearly 17% in the last 24 hours to approximately $361 million, which is modest compared to peers.
The bullish case notes Martinez had previously set $0.245 as a support level. Skeptics point to ADA trading below its key moving averages, keeping the broader trend bearish. An X user argued Cardano’s chain dominance has collapsed from around 4.5% in 2021 to roughly 0.3% today.
