Some Cardano investors doubled their holdings from ADA during the recent downturn
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Answer Some Cardano investors doubled their holdings from ADA during the recent downturn
The recent drops in cryptocurrency market prices have not prevented major investors from accumulating more bits of certain digital assets.
This became evident for Cardano, as data from Santiment revealed that some ADA wallets have more than doubled their holdings in less than two weeks.
đł #cardanolike a lot #altcoinsIt has fallen in the past 10 days, down -34%. However, large titles carry between 10k and 1M ADA dollarsThey have owned 113% more in their collective portfolio since the January 17 dip, raising $53.6 million in tokens. đ pic.twitter.com/tQdwa7ym38
â Santimentfeed January 28, 2022
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Increased appetite with lower prices:
The cryptocurrency space has experienced a sharp correction since mid-January, wiping out more than $500 billion of cumulative market capitalization in one week.
Cardano coin, which jumped to a six-week high on January 18 at $1.65, is among the hardest hit cryptocurrencies.
ADA price has fallen by 45% in four days from the aforementioned peak to $0.92 on January 22nd.
Since then, the price of the currency has regained some of the lost gains and is currently trading above $1.
But the ADA cryptocurrency is still down about 25% year-over-year.
Despite the recession, it did not dampen the investorsâ appetite for the asset, quite the contrary, as evidenced by the data received from âSantimentâ.
Santiment reports that titles containing between 10,000 and 1,000,000 ADA have increased their portfolios by nearly $55 million from ADA in less than two weeks.
From a percentage perspective, this means that their holdings rose by more than 110% in 11 days.
Itâs worth noting that IntoTheBlockâs data showed something similar to Bitcoin as well.
Read:IMF calls on El Salvador to remove legal description of Bitcoin
As whales and long-term holders continued to pile up during the price crash, Bitcoin dropped by $10,000 in days.
Cardano network problems:
While Cardanoâs appetite appears to be strong, the network behind it has been experiencing some problems lately.
Reports started emerging last week that many transactions failed due to congestion on the blockchain after the launch of the first decentralized application based on the Cardano blockchain called âSundaeSwap.â
Read:BewareâŚMore than 1,500 people are impersonating Binance employees
As other applications started running on the blockchain, the congestion increased in the following days as well.
The load on the Cardano blockchain started in mid-January and peaked on January 21 at 94.1%. It has been above 90% for nearly two weeks now.
Cardano increased his mass size by 12.5% ââtwo months ago, but this does not appear to have the necessary and expected effect.
As such, the team aims to offer Layer 2 scaling solutions with an upcoming âHydraâ update later this year.
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