Cardano ($ADA) holders have kept on accumulating and taking advantage of price dips to now have their largest balance since December 2019, when the cryptocurrency was trading at about $0.03.
Since December 2019, the price of the cryptocurrency has exploded to a $3 all-time high before entering a downtrend, affected by the wider cryptocurrency market. Cardano is now trading at $0.8 according to available data, after dipping to $0.75 after Russian President Vladimir Putin announced a “special military operation” that appears to be a full-scale invasion of Ukraine.
According to data shared by IntoTheBlock, ADA holders have seemingly been unfazed by Russia’s military actions and their potential ramifications, and kept on accumulating the cryptocurrency to the point they now hold over 10 billion ADA.
IntoTheBlock defines Cardano holders as addresses that have been holding ADA for at least one year, suggesting that the supply they are accumulating isn’t going to be sold in the near future, and is instead meant to be held over a long period of time.
The firm’s data shows HODLers have accumulated more in the summer of last year, when the price of ADA traded between $1.5 and $1. Charts show that every time the price fell below the $1 mark they bought the dip.
Russia’s invasion of Ukraine, coupled with rising inflation, has seen the price of ADA plunge below that mark. Despite the drop, hodlers have kept on accumulating to now see their balances hit a multi-year high.
As CryptoGlobe reported, Singapore-headquartered cryptocurrency trading platform Bitrue has announced that ADA is being added as a base currency on its exchange.
The ADA network has seen its transaction volume explode to $12.7 billion earlier this month, doubling Ethereum’s $6.3 billion transaction volume over the same period.
Activity on the Cardano network has been surging over time. The number of daily new addresses being created on the cryptocurrency’s network jumped 167% on February 18, a metric that on-chain analyst Ali Martinez said generally “precedes a spike in price volatility for ADA.”
Data shows that in January large ADA token holders more than doubled their holdings in the cryptocurrency, taking advantage of a price drop of more than 30%. It further suggests Cardano addresses holdings between 10,000 and 1 million ADA have increased their holdings by 113%, accumulating $53.6 million.
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