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Decentralized? 10% Cardano Whale Controls 94% Of All ADA in Supply

Cryptocurrency Dec 15, 2021 09:01AM ET
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Decentralized? 10% Cardano Whale Controls 94% Of All ADA in Supply
 
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Whales, crypto wallets holding large amounts of a particular cryptocurrency, for long have been said to manipulate the market. In the case of Cardano, this statement can be said to be 94% true.

According to data from Coin Metrics, the top 10% of Cardano whales hold a massive 94% of all Cardano (ADA) – 31 billion ADA out of the total 33.43 billion coins – currently circulating in the market.

How Did Cardano Get Here?

In 2021, Cardano has been one of the most active networks, completing the Alonzo network upgrade, ushering the network into an age of smart contracts, dApps, and defi.

As the Cardano network released updates, the data showed that whales continued to accumulate ADA rather than sell their coins.

The top 10% of addresses holding Cardano (ADA). Source: Coin Metrics

At the start of 2021, the top 10% of Cardano addresses held 30 billion ADA coins. However, the number of ADA held by these addresses has now gone up by over 1 billion, representing an increase of 3%.

On The Flipside

  • Cardano (ADA) is predicted to rally as much as 30% in the coming days as it appears to have formed a classic bullish reversal pattern.

Why You Should Care?

Despite a turbulent 2021 for the whole crypto industry, Cardano whales appear unmoved, retaining the belief that ADA will breakout.

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Decentralized? 10% Cardano Whale Controls 94% Of All ADA in Supply
 

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Comments (2)
Thomas House
Thomas House Dec 19, 2021 10:04AM ET
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there are over 2 million Cardano wallets so that means over 200,000 wallets are the whales. I'd say that is still very decentralized.
AIT OUBELLA Marouane
dogofallstreets Dec 15, 2021 9:21AM ET
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Buy limit order set at 1.08 🏆
Justin McNaughton
Justin McNaughton Dec 15, 2021 9:21AM ET
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never fill
AIT OUBELLA Marouane
dogofallstreets Dec 15, 2021 9:21AM ET
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AIT OUBELLA Marouane
dogofallstreets Dec 15, 2021 9:21AM ET
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Justin McNaughton  Hi friend, how are you? :)
 
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