According to Messari, ADA addresses holding over $10 million worth of ADA have declined gradually since 25 April. In fact, with 266 addresses noted at press time, a 62% decline in the number of this category of whales was logged.
Needless to say, this group of whales wields significant impact on the cryptocurrency’s price action. Ergo, in correspondence with the fall in these whales’ holdings, ADA’s price action declined too.
Source: Messari
When looked at closely, data from CoinMarketCap revealed a 56% drop in the price of ADA over the said period. With the date of Cardano’s Vasil Hard Fork largely unknown, the market has been flashing mixed sentiments of late.
A look at Cardano
As for the blockchain, daily revenue registered has declined by 63.9% in the last 90 days and by 41.7% in the last 180 days. After logging a daily revenue high of $60,339 on 15 February, total daily revenue has since dropped by 81%.
In fact, as of 12 August, Cardano was seeing a total revenue of $11,000.
Source: Token Terminal
Since the beginning of the year, the aforementioned has declined steadily. Towards the beginning of the year, this was upwards of $50,000.
On 12 August, however, the total revenue was $11,000, dropping by over 64% on the charts. In the last seven days, figures for the same have fallen by 6.17%. In fact, it has fallen by 10.61% in the last 30 days and 58.80% over the past year.
After recording a high of $1.21 on 4 April, ADA’s price declined by 53% on the charts. Average transaction fees on the network have also declined by 67% since.
At press time, the average transaction fee on the Cardano Network stood at $0.20, dropping by 55.95% over the last 365 days.
Source: Messari
Here, it’s worth pointing out that despite the price decimation that has plagued ADA over the last three months, its Mean Coin Age has risen steadily. In fact, the same grew by 27%.
This may be a sign of network-wide accumulation of ADA tokens within that period. In addition, over the last three months, the richest 1% of addresses holding ADA increased their holdings by 0.17%. At the time of writing, they held 28.98 billion ADA coins.
Source: Messari
In a series of tweets on 12 August, IOHK, the developer behind Cardano, highlighted the three main indicators that would determine when the mainnet launch of the Vasil hard fork would occur.
First of all, the final Vasil node candidate must have created 75% of mainnet blocks. Secondly, around 25 exchanges must have implemented the upgrade, and finally, key DApps deployed on Cardano must have upgraded to node version 1.35.3.
Each of the aforementioned, plus the underlined metrics, is likely to have a significant impact on how ADA does over the next few months. Only time will tell whether the altcoin pans out in an expected way.
