- The project has struggled to attract new holders while addresses decreased their balance.
- ADA’s momentum tanked, indicating that the price might drop to $0.54.
Cardano’s [ADA] position as the 9th most valuable cryptocurrency might be at risk. For many, this could be because of the price action which AMBCrypto agrees with. But there was more to this than the value of the token.
According to data from IntoTheBlock, only 6% of the ADA holder composition appeared in the last 30 days. Around 27% of the total holders bought the token within the past 12 months while 67% were long-term faithfuls.
Doubt spreads in Hoskinson’s land
A situation like this implies that the Cardano native token has not been impressive enough to attract an influx of new holders. As mentioned earlier, the price was one of the reasons.
In the last 30 days, ADA’s price has decreased by 17.84%. It got worse as the cryptocurrency failed to defy the broader market nosedive, decreasing by 5.34% in the last 24 hours.
However, we found that ADA’s challenges were not with traction or adoption alone. Instead, the token was finding it hard to keep some of the already-existing holders from exiting the network.
On-chain analysis using Santiment data showed that those who hold between 10 to 10,000 ADA tokens have been decreasing their balance. A further assessment of the balance of addresses showed that whales were not left out.
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Author: Victor Olanrewaju
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