At $0.26, Cardano (ADA) continues to trade significantly below its previous market highs, but large holders of the 11th-largest crypto asset by market cap appear unfazed.<\/p>\n
In fact, new data suggests that millionaire-tier Cardano wallets consistently expanded ADA holdings.<\/p>\n
According to crypto analytics platform Santiment,\u00a0wallets holding at least 1 million ADA have steadily increased<\/a> their share of the supply. These wallets now collectively hold 25.09 billion ADA, which represents 67.47% of the current circulating supply. The accumulation trend has continued even as Cardano\u2019s market cap dropped more than 70% over the past nine months.\u00a0Santiment said the \u201cmillionaire\u201d tier of sharks and whales appears to be taking advantage of lower prices.<\/p>\n Amid continued accumulation by major Cardano holders, crypto analyst Ali Martinez recently pointed<\/a> to the $0.25 level as a historically important price zone for ADA. According to Martinez, Cardano saw a strong recovery after holding that level in January 2023, as the asset rose more than 88% in the following weeks.<\/p>\n A similar trend unfolded in September 2023 as well, when ADA once again maintained support around $0.25 before later recording a 243% rally. With Cardano currently trading above $0.26, the same support range remains critical for the asset\u2019s price structure.<\/p>\n Based on his analysis, continued strength above the $0.25 zone could support a move toward $0.36, while a broader rally could push ADA toward $0.53. However, he warned that losing the support range could lead to a deeper correction.<\/p>\n Beyond price, Cardano continues to face<\/a> criticism over the pace of its development and scaling progress. Responding to those concerns, Cardano founder Charles Hoskinson recently pushed<\/a> back against claims that the network had \u201cabandoned scaling in favor of governance.\u201d<\/p>\n Hoskinson said Cardano\u2019s scaling research has been ongoing since before the Shelley era and involved years of work across Layer 2 solutions, the extended UTXO accounting model, zero-knowledge technologies, partnerchains, and the Leios protocol. He explained that many of these initiatives required extensive research, scientific publications, and long-term engineering efforts that could not simply be accelerated by adding more developers.<\/p>\n Hoskinson also maintained that the implementation of the Voltaire governance system did not divert resources away from scaling research.<\/p>\n The post Cardano Whales Keep Buying as ADA Crashes 71% in 9 Months<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" At $0.26, Cardano (ADA) continues to trade significantly below its previous market highs, but large holders of the 11th-largest crypto asset by market cap appear unfazed. In fact, new data suggests that millionaire-tier Cardano wallets consistently expanded ADA holdings. Aggressive ADA Buying Spree According to crypto analytics platform Santiment,\u00a0wallets holding at least 1 million ADA […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-165507","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/165507"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=165507"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/165507\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=165507"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=165507"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=165507"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Scaling Debate Intensifies<\/h2>\n