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Is ADA no longer swimming with sharks? The latest stats have the answer

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Is ADA no longer swimming with sharks? The latest stats have the answer

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  • ADA has lost favor from the whales as its price plummets
  • Cardano’s addresses, weighted sentiment, daily active addresses, and stakers plummeted last month

In a recent update, crypto analytics firm Santiment revealed that whales and sharks had started losing interest in Cardano [ADA].


Read Cardano’s Price Prediction 2022-2023


Whales swim away

As can be seen from the image below, the number of addresses that held between 100 thousand to 100 million ADA fell drastically. According to the report, Cardano’s social volume had remained stable. However, its weighted sentiment witnessed a bunch of fluctuations.

Source: Santiment

From the image below, it can be observed that the weighted sentiment for Cardano was mostly negative throughout the last month. This indicated that the crypto community had more negative than positive things to say about ADA.

However, there was a spike observed in the sentiment over the past few days, implying that the crypto community may have had a change of heart.

During the same period, there was a sharp decline witnessed in the daily active addresses on the Cardano network, inferring that the activity on the Cardano network had gone down.

 

Source: Santiment

ADA plummets further

The number of Cardano stakers also decreased by 3.53% over the last seven days, according to Staking Rewards. At the time of writing, the number of stakers on the Cardano network were registered at 1.1 million.

The revenue collected by these stakers had also depreciated by 4.73%. Over the past 30 days, Cardano’s stakers had collected $425 million in total revenue until press time.

Source: Santiment

But that’s not all, unfortunately, Cardano lost its footing in the NFT space. As evidenced by the chart below, it can be observed that Cardano’s NFT volume declined significantly over the past month.

However, despite the declining volume of Cardano’s NFTs, there were some positive developments for it as well. According to Stockwits NFTs, a data and discovery platform for NFTs, Cardano’s blue chip floor prices flipped Solana NFT’s blue chip floor prices.

Solana, which had dominated the NFT space for quite some time, suffered a loss at the hands of Cardano in terms of floor prices.

Source: opencnft

That said, at the time of writing, Cardano was trading at $0.362, and its price appreciated by 3.56% in the last 24 hours. However, its volume continued to decline during the same time period and depreciated by 40.21%, according to CoinMarketCap

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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