Retail interest in Cardano ($ADA) is “rapidly increasing” as in the last 30 days addresses holding for less than 30 days – defined as traders on the blockchain – have increased their holdings by 186%.
According to data from analytics firm IntoTheBlock, these trader addresses now collectively hold 36.14% of the cryptocurrency’s supply after heavily accumulating over the last couple of weeks.
Retail interest in Cardano is notably growing at a time in which whales on the cryptocurrency’s network have reentered an accumulation trend after selling off their holdings over a 7-month period that saw them dump a large amount of ADA on the market.
Whales and retail users have restarted accumulating the cryptocurrency after its price dipped to a 15-month low. Data from CryptoCompare’s live ADA price feed shows that the price of Ada has been slowly dropping over the last few months after hitting a $3 all-time high in August of last year. The cryptocurrency is currently trading at $0.83 after rising little over 5% in the last 24 hours.
ADA investors have been seemingly holding onto their funds throughout the bear market. Data from Coinbase’s price pages shows ADA has a typical hold time of 121 days, meaning that ADA users on the platform hold onto their assets for over four months before “selling it or sending it to another account or address.”
According to the cryptocurrency exchange, a long hold time “signals an accumulation trend,” while a short hold time “indicates increased movement of tokens.”
New developments have been coming to the network as its total number of transactions rise. As CryptoGlobe reported, Cardano developer Input Output is working with Wanchain, a blockchain interoperability solution, to allow it to become an Ethereum Virtual Machine (EVM) compatible network on Cardano, bringing added utility to the network.
The move comes shortly after Input Output proposed increasing the network’s block size by 10% from 80 KB to 88 KB per block as the network load has been holding above the 80% mark in a bid to “increase throughput and DApp performance.”
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Unsplash