Over 80% of Cardano (ADA) addresses are already in the red. Some major investors now seem to be dumping their holdings.
Since its all-time high in September 2021, ADA has been in a continuous downtrend for the past 21 months. Out of these 21 months, the monthly candles of only four months gave a positive close.
Over 80% of Cardano Addresses Are in Loss
3.67 million Cardano addresses are currently in a state of loss. These loss-making addresses consist of over 83% of the total Cardano addresses.
Only about 11.44% of addresses would have the opportunity to sell at a profit at the current market price, while about 4.95% could just sell with no profit or loss.
Rapidly Increasing Transactional Volume
Large Investors Drop From 158 to 142
The number of major investors has fallen from 158 to 142. These large investors now account for 3% less of the total token supply. Instead, the supply from large investors is now owned by retail investors.
From this, it can be concluded that some large investors have sold their ADA tokens to a wider public.
Daily Active Addresses Increased Sharply in Last Seven Days
Total ADA Addresses Also Continue to Grow
The total number of Cardano addresses shows continuous growth. This could be due in part to new investors acquiring Cardano for the first time.
However, it could also include addresses used for diversification, with the aim of spreading ADA holdings across multiple wallets.
Twitter Sentiment Towards Cardano Remains Mostly Positive
Last but not least, the mood on Twitter towards ADA is mostly positive. Around 1,500 negative tweets are offset by 12,431 positive tweets.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.