Santiment, an on-chain analytics firm has recently shared a report pertaining to the top tier of the wallet addresses holding the highest number of Cardano (ADA).
According to the cryptocurrency industry, these wallets are referred to as the key shark address tier for Cardano.
Key Shark Addresses Hold 4B ADA
The firm has revealed that the particular group of addresses is now in possession of four billion ADA tokens. Prior to the FTX collapse, the same group of addresses held 3.69 billion tokens.
It is after the crash of the FTX exchange that the total number of ADA stored by these wallets has risen to 4 billion. It shows that since the FTX’s demise, the sharks have accumulated 331 million ADA tokens.
Santiment revealed that the particular shark wallet addresses are the ones who are in possession of 10,000 to 100,000 ADA tokens.
Since June 2021, the supply percentage of these particular wallets has reached its highest level. The change has been recorded for these wallets in a matter of 1.5 years.
Steady Accumulation of ADA
As per the analytical firm, a steady accumulation had been witnessed for the ADA tokens by the particular group of ADA sharks since June.
However, as the FTX crash took place in early November, the situation took a different turn. Since the crash, the sharks have started to accumulate ADA on a very large scale.
They have purchased all the dips they came across for the ADA tokens. It seems that the sharks had been waiting for the opportunity and the FTX crash granted them that chance.
Therefore, they started to accumulate ADA on a really fast scale accumulating 331 million ADA in the process.
ADA Accumulation of the Major Addresses
The details gathered by Santiment show that the $83 million worth of ADA has been accumulated by this unique shark group. Their buying spree began on November 7 and to this day, they are accumulating ADA.
However, another very promising highlight has been shared by Santiment apart from the shark wallets. The platform has also shared information about the new investors who have entered the Cardano network.
Despite the whales accumulating a high number of ADA, there have been many new addresses that have entered the Cardano network.
The data shows that since the demise of the FTX exchange, more than 200,000 wallet addresses have become part of the Cardano network.
This means that many wallets have started to invest in Cardano since the debacle. This indicates that the value of Cardano will start moving higher as the demand for the asset is on the rise.
Information by Cardano Foundation
Cardano Foundation, the company behind the development and launch of the Cardano blockchain has also shared its information about the total wallets.
The non-profit organization has revealed that they have seen a great spike in the total number of ADA-holding wallets since the last month.
Their data shows that the total number of wallet addresses currently holding ADA has risen to a high of 3.80 million.
At the beginning of November, the total number of wallet addresses holding ADA was 3.63 million. The firm has reported on their end, they can see that 170,000 new wallets have stated holding ADA.
ADA’s Current Price
Due to the latest developments, ADA has been experiencing an uptrend. The trading price of the token has been moving higher due to the strong confidence and input of the users.
The report shows that the trading price of ADA has experienced a 3.05% push in the past 24 hours. At the time of writing, the value of the asset is at a high of $0.26 per ADA.
ADA is one of the strongest cryptocurrencies in the entire crypto-verse. It currently ranks as the 9th largest crypto in the entire crypto industry due to its strong market valuation.