Recent data reveals that major Cardano investors, commonly referred to as whales, have significantly ramped up their ADA accumulation. According to blockchain analytics platform Santiment, wallets holding at least 1 million ADA have raised their collective total to 25.11 billion ADA. This figure marks the highest whale balance for Cardano since December 2017. In total, these large holders now control 67.5% of ADA’s circulating supply.
Persistent ADA slump throughout the year
Cardano’s native token ADA has endured a prolonged downtrend. Over the past year, ADA has shed more than 70% of its value, and it has declined by about 30% since the start of 2026 alone. Despite several attempts to surpass the $0.25 resistance level amid weak market conditions, ADA failed each time. The token is currently trading near a critical support line at roughly $0.22.
These accumulation trends have emerged as whales continue increasing their holdings even as prices remain subdued. Santiment notes that some investors see this as a vote of confidence in Cardano, but the platform also cautions that heavy whale buying does not guarantee a price rebound. The data points to a serious consolidation of ADA supply within large wallets.
Wallets holding at least 1 million ADA have accumulated 25.11 billion ADA, reaching the highest total since December 2017. These large addresses now collectively control 67.5% of the circulating supply.
Debate on activity within the Cardano network
ADA’s weak price performance has also sparked criticism regarding the Cardano network’s utility and broader ecosystem. Crypto analyst Ali Martinez has drawn attention to the network’s usage, which he argues falls short of its multibillion-dollar market capitalization, especially in decentralized finance (DeFi). According to Martinez, the total value locked (TVL) on Cardano never breached the $1 billion mark—a shortfall that leaves Cardano trailing its blockchain competitors.
Meanwhile, new-generation blockchains such as SUI are attracting more users and capital in a much shorter span. Martinez also suggests that Cardano’s research-centric development approach has slowed the rollout and adoption of new features on the network.
Mini glossary: TVL (Total Value Locked) indicates the cumulative value of crypto assets locked in decentralized applications (DeFi) on a blockchain network. This metric serves as a key measure of financial activity and overall ecosystem health.
Sharp TVL decline, signaling ecosystem stress
Data from DeFiLlama shows that Cardano’s total value locked has plunged below $125 million. Back in November 2024, this figure reached approximately $721 million. In the span of just one year, Cardano has seen its TVL drop by 82%, fueling ongoing debates surrounding the network’s growth trajectory.
| Period | Cardano TVL (Million $) |
|---|---|
| November 2024 | 721 |
| May 2026 | 125 |
Some analysts believe ADA could recover from current levels and initially aim for $0.50. However, they caution that this may not spark a sustained rally, and a fresh retest of support levels is possible. For a more pronounced move to the upside, ADA needs to cement its position above the current price floor.
Opinions remain divided among cryptocurrency experts on whether Cardano can still be considered among the most valuable networks. For now, the central focus is whether the large-scale whale accumulation in ADA will eventually yield a positive impact on the token’s price.
