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Data obtained from on-chain analysis platform IntoTheBlock indicates that Cardano millionaires are persistently accumulating ADA despite the recent horizontal price action. Here is that noteworthy data for the 6th largest altcoin with a market cap of $9.95 billion.
Cardano Millionaires Accumulating ADA
ADA, which dropped to $0.22 on June 10, has been moving horizontally for a while. The leading altcoin is currently trading at $0.2852, up 0.27% in the last 24 hours at the time of this writing. Cardano trading between $0.25 and $0.30 is providing an accumulation period that will help reestablish positive momentum.
According to IntoTheBlock data, Cardano millionaire addresses have significantly increased their assets in the last 30 days. In particular, Cardano millionaires, or addresses holding between 100 million and 1 billion ADA, have seen the largest increase in their assets over the past 30 days, with a 3.19% increase in their balances.
Cardano seems to be seeing accumulation from different layers of address owners. IntoTheBlock data shows that Cardano addresses with wallet balances between 10,000 and 100,000 ADA increased their assets last month, accumulating a total of 50 million ADA. Looking at other layers, there seems to be slight accumulation, reflecting a belief that ADA’s price could gain positive momentum in the coming days.
Cardano’s TVL at an All-Time High
The Total Value Locked (TVL) metric, indicating the total value locked in the Cardano network, has reached an unprecedented level, demonstrating increased trust in the ecosystem. The Alonzo update in September 2021, which added smart contract functionality to the Cardano network, meant that developers could now create decentralized applications (dApps) on the Cardano Blockchain and bring the decentralized finance (DeFi) sector to Cardano for the first time.
Since then, Cardano has made a significant entry into the DeFi ecosystem and is currently reaching new peaks in its TVL when measured in ADA. According to data from DeFi data platform DefiLlama, Cardano’s TVL is currently at $201 million or $702.79 million when measured in ADA.
