Despite the recent sideways price movement on ADA, data from on-chain analytics company IntoTheBlock reveals that Cardano millionaire addresses are still accumulating.
ADA has been trading sideways since June 10 when it reached a low of $0.22. As of the writing of this article, ADA has dropped to $0.289 in the previous day by 1.79%.
Due to Cardano’s range-bound trading between $0.253 and $0.305, a consolidation period may be possible during which positive momentum may be restored.
According to information from IntoTheBlock, millionaire addresses for Cardano (ADA) have boosted their holdings over the past 30 days. With a 3.19% gain in their balances over the past 30 days, Cardano millionaires, or individuals who possess 100 million to 1 billion ADA, have seen the greatest growth in their holdings.
Cardano (ADA) appears to be accumulating from several address holders at different levels. According to IntoTheBlock statistics, Cardano addresses with a balance between 10,000 and 100,000 ADA have added 50 million ADA to their holdings in the last month.
Looking at other layers of holder addresses reveals some minor accumulation, which may be indicative of optimism that the ADA price will go up in the coming days.
Cardano TVL jumps to new all-time highs
Unprecedented growth in Cardano DeFi TVL suggests increased trust in the Cardano ecosystem.
In September 2021, Cardano’s Alonzo hard fork update was finished, giving the network support for smart contracts. As a result, the decentralised finance (DeFi) industry was introduced to Cardano for the first time, allowing developers to now build decentralised apps (DApps) on the blockchain.
Cardano has since had substantial influxes into its DeFi ecosystem, achieving new highs in its TVL when measured in ADA. According to DefiLlama statistics, Cardano TVL is valued $201 million in USD, or $702.79 million in ADA.
