More than 80 percent of Cardano addresses are already in the red. Some major investors now seem to be divesting their holdings. Since its all-time high in September 2021, the altcoin has been in a continuous downtrend for the past 21 months. Crypto analyst Konstantin Kaiser notes that in these 21 months, only four monthly candles have closed positively.
Over 80% of Cardano addresses are lost
3.67 million Cardano addresses are currently in loss. These loss-making addresses account for more than 83% of the total Cardano addresses. Only about 11.44% of addresses have the opportunity to sell at the current market price at a profit. However, about 4.95% have the opportunity to sell without profit or loss.
Profit and loss status by money indicator / Source: IntoTheBlockAltcoin trading volume is growing rapidly
The evolution of trading volume is proving to be intriguing. The price of ADA is falling while the trading volume is increasing. These most likely indicate that the token was sold in bulk. cryptocoin.com This week, the US Securities and Exchange Commission (SEC) designated Cardano as a security in the Binance lawsuit. This is “Is the high trading volume due to panic selling?” begs the question.
ADA’s trading volume / Source: IntoTheBlock
Major altcoin investors fell from 158 to 142
Meanwhile, the number of major investors fell from 158 to 142. These large investors now make up less than 3% of the total token supply. Instead, the supply from large investors now belongs to individual investors. From this, it is possible to conclude that some major investors are selling their ADA tokens to a wider audience.
Concentration of Cardano whales, big investors and small investors / Source: IntoTheBlockDaily active addresses have increased sharply in the last seven days
Active addresses have increased by about 41.5% in the last seven days. The Cardano network is currently very active. In fact, DeFi activities drove Total Value Locked (TVL) to the highest levels of the year.
Daily active ADA addresses / Source: IntoTheBlockTotal ADA addresses also continue to increase
The total number of Cardano addresses is constantly increasing. This is probably due in part to new investors buying Cardano for the first time. However, it is likely to include addresses used for diversification to spread altcoin holdings across multiple wallets.
Number of ADA holders / Source: IntoTheBlockSentiment towards Cardano remains mostly positive
Finally, the mood for ADA on Twitter is mostly positive. Nearly 1,500 negative tweets are in balance with 12,431 positive tweets.
Twitter sentiment about ADA / Source: IntoTheBlock
