Cardano Whales Hold 67.47% of Circulating Supply, Most Since July 2020

YM Lee

Summary

Wallets holding at least 1 million ADA control about 67.47%% of the circulating supply, the highest level since July 2020.
Over the same period, ADA market capitalization fell about 71%%, and industry participants say whale investors continued accumulating during the price decline.
Cardano’s DeFi TVL has dropped about 80%%, while DEX trading volume, network fee revenue, chain revenue, and daily active wallets remained at low levels, signaling weaker on-chain usage.

Forecast Trend Report by Period

Large holders of Cardano’s ADA have increased their share of the token’s circulating supply to the highest level since 2020. At the same time, decentralized-finance activity has slumped, signaling weaker on-chain usage.

CoinDesk reported on May 15 that wallets holding at least 1 million ADA now own a combined 25.009 billion ADA. That accounts for about 67.47% of circulating supply, the highest level since July 2020.

On-chain data platform Santiment said accumulation by large investors has continued without interruption since December 2023.

Over the same period, ADA’s market capitalization has fallen about 71%. Industry participants say whale investors continued buying through the price decline.

DeFi activity across the Cardano ecosystem, meanwhile, has contracted sharply. DefiLlama data shows Cardano’s total value locked at about $137 million, down about 80% from roughly $686 million in December last year.

Daily trading volume on Cardano-based decentralized exchanges was about $1.95 million. Network fee revenue over the past 24 hours was $1,767, while chain revenue totaled about $353. Daily active wallets stood at 15,975.

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