• 28 May, 2024
News

Cardano’s Market Cap Drops 35%, but Whales Aren’t Fazed: Report

Recent data from Santiment, an on-chain analytics firm, has unearthed some intriguing trends about Cardano’s performance in the crypto market. Despite a 35% dip in its market cap over the past four months, the cryptocurrency remains popular among confident investors. Notably, there has been a significant increase in wallets holding 100K or more ADA tokens.

Cardano’s (ADA) recent performance in the crypto market has been a cause for concern, with its market capitalization plummeting by 35% since its peak four months ago. However, Santiment’s report indicates that the sentiment might not be as gloomy as it seems. A whopping 25,294 wallets now possess over 100K ADA, a statistic not seen in the past 16 months.

Price analysis by cryptoexpert Ali suggests that between 2018 and 2020, ADA fluctuated between $0.10 and $0.028 for 665 days before embarking on a 2,985% bull run. Currently, ADA has been oscillating between the $0.46 to $0.24 range for 329 days. Drawing parallels from past price actions, barring unforeseen events like the delisting by major firms, ADA might experience a significant upswing around February 2024.

However, the ADA community is on edge due to recent comments by Coinbase CEO, Brian Armstrong, indicating a potential delisting of 13 tokens, including ADA, from the exchange. This move comes in the wake of the US SEC labeling Cardano as a security, which could result in significant revenue loss for the blockchain company.

Cardano trades at $0.29, having declined by 6% over the past week, according to CoinMarketCap. As of now, its 24-hour trading volume stands at $148,581,700, and its market cap is pegged at $10,179,277,284. ADA ranks 8th on CoinMarketCap and has a circulating supply of over 35 billion ADA coins.

While the short-term outlook for Cardano seems uncertain due to external factors, historical data allegedly points towards potential long-term gains. As the adage goes, patience might indeed be the key to unlocking rewards in the volatile crypto market.

Amazon Joins Forces with Ripple to Revolutionize E-commerce Payments Read Previous

Amazon Joins Forces with Ripple to Revolutionize E-commerce Payments

SEC Seeks Appeal in Ripple's XRP Case, Legal Debate Intensifies Read Next

SEC Seeks Appeal in Ripple's XRP Case, Legal Debate Intensifies