Large Cardano ($ADA) token holders have more than doubled their holdings in the cryptocurrency in just 10 days after its price dropped more than 30%, to available data shows.
According to cryptocurrency analytics firm Santiment, Cardano addresses holdings between 10,000 and 1 million ADA have increased their holdings by 113% over the last two weeks, accumulating a total of $53.6 million in said period.
While the price of ADA has dropped over the last few weeks amid a wider cryptocurrency market downturn, the number of smart contracts on the Cardano network has surpassed 1,000 for the first time, while the blockchain’s decentralized finance space grew past the $70 million in total value locked.
The blockchain’s first usable decentralized finance application, MuesliSwap, was launched earlier this month after conducting an under-the-radar offering, and quickly surpassed $2 million in total vale locked.
The Cardano network has seen its load surpass 90% weeks after the launch of SundawSwap, a “native, scalable decentralized exchange and automated liquidity provision protocol.” The exchange is backed by cFund, Alameda Research, and Double Peak Group.
As CryptoGlobe reported, the number of addresses holding ADA has grown in December to a new all-time high of 4 million, according to CryptoCompare’s latest Asset Report.
On social media Santiment also looked at other cryptocurrencies, including Chainlink ($LINK). According to the firm, some LINK holders have been flushed out amid the market correction and fear, uncertainty and doubt has now likely peaked, which could lead to a rebound.
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
IMAGE CREDIT
Featured image via Unsplash
