Cardano’s dormant holder activity hits 18-month high; Can it move ADA price?
As the bullish trend in the cryptocurrency market starts to slow down, Cardano (ADA) has been leading the price decreases, threatening to reverse its gains from the past weeks, but a couple of developments involving both its dormant and wealthiest cryptocurrency holders could be a good sign. Specifically, Cardano recently recorded a massive increase in the activity of its dormant holders, and October 30 was the largest day for old ADA tokens movement in a year and a half, as per the information shared by the crypto analytics platform Santiment in an X post published on October 31. Indeed, according to the data spanning back to several months ago – to early July 2023, the amount of Cardano tokens multiplied by the length of the dormancy period has hit 0.000011 – its highest level in 18 months or since April 2022. At the same time, the token’s largest holders or ‘whale’ and ‘shark’ crypto wallets, holding between 100,000 and 10 million ADA, have started accumulating a...