According to a recent analysis by IntoTheBlock, a sizable portion of Cardano (ADA) owners are now suffering losses. At least 80% of all ADA holders are “out of the money,” which means they are holding the token at a loss, according to the data analytics company. This translates to a total of 3.44 million addresses owning 26.85 billion ADA, or $9.48 billion at the current exchange rate.
With a market value of over $1 billion, Cardano is now ranked ninth among cryptocurrencies in terms of the proportion of losing to profitable addresses. Only $1.66 billion of the $12.47 billion market value of ADA is in profit.
Interestingly, the majority of the “loss-making” ADA is held by people who purchased a Cardano token between $0.374 and $0.456 per token. These addresses carry 13 billion ADA and there are now 743,560 of them.
It is noteworthy that the Cardano token was trading at such levels in the start of April, just as its regional top was being attained. As a result of that price movement, investors bought a lot of ADA, and the very next week, they were locked in with losses that have been increasing over the last four weeks, including the present one.
