Despite the fact that Cardano (ADA) has been in the same bearish trend as most major cryptocurrencies in recent days, its top whales have been expanding their supply, which has recently reached a two-year high.
According to Santiment, an on-chain and social metrics platform, Cardano’s greatest whales, defined as those holding at least 10 million ADA, valued at about $9,534,000 at press time, currently hold 46.6 percent of the entire token supply.
The tweet’s graph depicts a significant increase in the ADA supply ratio controlled by Cardano whales. In comparison, less than 14 months ago, these whales only owned 10.2 percent of the total supply in their wallets.
Santiment did point out, however, that a big chunk of the whale addresses on the map was to cryptocurrency exchanges.
Meanwhile, the quantity of Cardano held by mid-tier holders, or addresses with between $100 and $100,000 in ADA, hit an all-time high in early April when they possessed 16.8% of the total supply.
The number of Cardano-based smart contracts hit 2,000 around the same time. Since September 2021, when the network-enabled smart contract capabilities, this number has been steadily increasing.
Finbold, for example, reported in late March on significant institutional interest for Cardano, as seen by an increase in on-chain transactions over $100,000. Cardano transactions, in particular, have increased by more than fifty-fold since the beginning of the year.
Given the drop in ADA’s price from its all-time high of $3.10, whales, large-scale investors, and institutions may have viewed this as a buying opportunity to stock up on the asset ahead of the upcoming Vasil hard fork in June.
Cardano has seen a significant rise in the number of wallets uploaded to the network over the same time period, with over 450,000 new wallets added since January 1, or roughly 5,000 per day, surpassing the 3 million wallet milestone in early February.