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 <p>Cardano (ADA) shark and <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/whale.html">whale</a> addresses have amassed more tokens amid the persistent downturn, accumulating $116 million worth of ADA in two months.</p>
 <p>This accumulation trend coincides with a consistent rise in on-chain volume.</p>
 <p>Santiment disclosed on Aug. 8 that <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/whale.html">whale</a> and shark addresses holding between 100,000 and 10 million ADA have been buying the dip. As a result, the rate of ADA’s circulating supply collectively held by these addresses has surged to levels not witnessed since September 2022.&nbsp;</p>
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    <p>As #Cardano sits just above $0.29, whales and sharks holding between 100K-10M $ADA have accumulated back to their highest level since September, 2022. Additionally, #onchain transaction volume has been rising nearly every week for the past 6 months. https://t.co/x9mUHDIhnx pic.twitter.com/X9WphDpPvy</p>— Santiment (@santimentfeed) August 8, 2023
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 <p>Similarly, transaction <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/volume.html">volume</a> has continued to rise over the past six months. Following the low in February, transaction <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/volume.html">volume</a> gained momentum, particularly after ADA’s price skyrocketed to the yearly peak of $0.46.&nbsp;</p>
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 <p>The market witnessed a conspicuous spike in transaction <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/volume.html">volume</a> in April. Interestingly, this spike in <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/volume.html">volume</a> coincided with a massive decline in ADA’s price, as the asset plummeted 17.9% to a low of $0.3789 over the six days leading to April 21.</p>
 <p>This price downturn also marked a significant drop in the cumulative balance of wallets holding 100,000 to 10 million ADA. This suggests these wallets participated in a selloff, potentially exacerbating the price decline.</p>
 <p>However, following the market turbulence, transaction volume and the cumulative balance of these ADA addresses have consistently risen.&nbsp;</p>
 <p>This accumulation pattern has led these addresses to add a substantial $116.1 million worth of ADA to their holdings since May 21, according to Santiment. They collectively hold over 34% of the total ADA supply.</p>
 <p>Simultaneously, as these addresses accumulate ADA tokens, weekly transaction <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/volume.html">volume</a> has surged to an impressive 67 billion ADA, a level unseen since September 2021.</p>
 <h2 class="wp-block-heading" id="development-activity-increases-amid-drop-in-holders">Development activity increases amid drop in holders</h2>
 <p>As Cardano’s ecosystem flourishes, Santiment’s data also sheds light on the network’s development activity. Although it experienced a slight drop from August 2 to August 5, development activity on the Cardano network remains notably robust, with a value of 21.58.</p>
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  <img loading="lazy" width="3840" height="1300" src="https://cdn.thebittimes.com/images/2023/08/08/210fd5ac1b02e6c3e57810bbe701971d.webp" alt="Cardano whales amass $116m as on-chain volume soars&nbsp; - 1">
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   ADA price, development activity, and holders | Source: Santiment
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 <p>In contrast, ADA’s price slide from the high of $0.3793 in late July has led to a moderate reduction in the number of ADA holders. The total number of holders now stands at 4.45 million, reflecting the impact of the persistent price decline.</p>
 <p>While the network’s development activity remains steady, the decline in ADA holders mirrors the challenges of fluctuating market conditions. ADA is trading for $0.2909 at reporting time, struggling to reclaim the $0.30 territory.</p>
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Cardano whales amass $116m as on-chain volume soars

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