"Whales control the market" is a statement most smaller fish in the market say. When it comes to Cardano, however, this statement is 94% true.
It has been recently found out that only 10% of the wealthiest Cardano addresses control a massive 94% of all ADA supply.
10% of Cardano Whale Addresses Control 94% of ADA Supply
According to the story by Finbold, it seems like Cardano whales haved remained unmoved despite the ups and downs the cryptocurrency industry faced in 2021. It has actually been discovered that a small number of the richest ADA holders control around 94% of the entire supply for the said cryptocurrency.
Data cited by the publication shows that, as of Dec. 13, the top 10% of Cardano whales hold a massive 31 billion ADA out of the total 33.43 billion coins currently circulating in the market. This data has been extracted from Coin Metrics, an on-chain analysis platform.
Top Addresses Started Accumulating More ADA
Quite notably, the number of ADA that is within the top 10% of addresses has steadily grown ever since the the beginning of 2021. In addition, 30 billion ADA was initally held by the addresses which grew by 3% in January.
Quite interestingly, the Coin Metrics data shows that the top addresses have even accumulated more ADA. This is said to correlate with the increase in development activity within the network.
Cardano, Polkadot, and Solana Top 3 Networks
As 2021 comes to an end in a few weeks, Cardano, Polkadot, and even Solana have actually been ranked in the top three networks that have the highest daily development activity, according to the data from Santiment.
In October, Grayscale Investment digital asset manager reported "an introduction to Cardano" and said it is undervalued compared to Ethereum. The report came after ADA reached its record high of more than $3 during the early part of September. It came from a mere $0.178 in January.
Cardano Price Prediction 2021
The crypto community also made a bet saying Cardano's price will rise by a whopping 80% to reach the price of $2.4 by the end of the year. This is seen as an indication that the community has confidence in its rise.
Cardano, as of the moment, also holds the record for higher on-chain activity with twice the transaction volume as Ethereum. It is also ranked as the second most active chain.
Read Also: Top 10 Cryptocurrencies Half Bearish Over Last 7 Days | SOL moving up the list
10% of BTC Wallets Control 99% of Circulating Supply
As of the moment, only a small percentage of whales control the majority of Cardano's supply. It is important to note that this is the case not only with Cardano but with other cryptocurrencies as well.
An example of which is the top cryptocurrency, Bitcoin, which also has its top whale controlling an even higher percentage of the total circulating supply.
Finbold previously reported that 99% of Bitcoin's circulating supply was also just held by 10% of BTC wallets. Because of this, qquestions have risen regarding the decentralization claims of Bitcoin due to the fact that miners were massively concentrated in China during that time.
No particular issue being raised with regards to Cardano despite holdings increasing considerably.
Related Article: Over 9M in Top Crypto Traded on Binance | Whale Movement Spotted
This article is owned by Tech Times
Written by Urian B.
