Large holders, or whales, are typically known to use periods of dip and consolidation to accumulate their favorite tokens at a discount. ADA seems to be seeing pressure from mid-term holders.'s holder composition by time held, only 7% of ADA holders have kept their tokens for more than a year, while 71% have kept them for between one and twelve months, and 22% have kept them for less than a month.
Despite the lull in ADA's price action, the Cardano blockchain has seen substantial growth over the last year. The blockchain recently reached a milestone of three million wallets. Since late 2020, according to Kraken's latest report, network activity has increased dramatically, as well as adoption. , the first decentralized exchange built on Cardano, recently launched on the blockchain's mainnet. MELD, a noncustodial banking protocol, SpaceBudz, a non-fungible token platform, and Nami, a wallet extension, are among the most well-known Cardano projects.
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