As a seasoned researcher who has witnessed the ebb and flow of the crypto market for years, I must say that the recent development in Cardano is truly noteworthy. The surge in long-term holders and the sustained growth of hodlers is a testament to the faith and belief the community has in this project’s future.
As a dedicated crypto investor, I’m excited to share that Cardano, the 10th largest digital currency by market capitalization, has reached a significant milestone. Interestingly, this achievement doesn’t seem to be reflected in ADA‘s current price. Instead, it pertains to the ownership structure of ADA. Specifically, the percentage of ADA held by long-term investors has hit an all-time high, making up close to 40% of the total supply. This trend aligns with a peak in the proportion of long-term holders as well.
Approximately three-quarters (75%) of ADA owners can be categorized as long-term holders, meaning they’ve possessed their ADA for over a year. Nearly a quarter (25%) fall into the ‘cruiser’ category, representing addresses that have held onto their ADA between one and twelve months. The remaining 3% are considered traders since they’ve only recently acquired their ADA (less than one month).
Long-term investors are often called Hodlers, whereas those who invest for a medium term, sometimes called Swing Traders, fall into the category of Cruisers. Lastly, individuals who make quick trades based on short-term market fluctuations are known as Traders or Speculators.
It’s probable that the rise in varied uses on the Cardano blockchain significantly contributed to the continuous expansion of its holders, as they might choose to retain their investments to profit from these new applications.
What this means for Cardano
A large number of investors holding onto Cardano for a long time is a good sign, suggesting that the community has confidence in the project’s long-term success.
According to a recent study by IntoTheBlock, the daily on-chain volume for Cardano averages around $7.2 billion, surpassing many other networks. Moreover, this high volume results in a relatively low NVT ratio of 2.62, which could hint that ADA may be underpriced. Given the large number of long-term holders, it seems that ADA investors are prepared to be patient and let its potential fully materialize.
Anticipation builds towards the Chang #1 hard fork, marking Cardano’s entry into governance. According to a recent update shared by Intersect on August 12, stake pool operators have made significant strides, with 67% of them upgrading to v9.1.0. The hard fork threshold for stake pool operators is almost within reach.
Multiple cryptocurrency trading platforms are actively developing new features, as some of them have already shown signs of being ready for launch.
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2024-08-14 18:44