According to a report by Crowdfund Insider, Cardano “whale” addresses holding at least 1,000,000 ADA currently collectively hold about 2.509 billion ADA, or roughly 67% of circulating supply—the highest level since July 2020. Since the end of 2023, these whale addresses have continued to accumulate, even though ADA has fallen by more than 70% over the past 9 months, with the related addresses still expanding their positions. Meanwhile, Cardano’s TVL has dropped from about $686 million in December 2024 to about $137 million, and DEX daily trading volume is around $2 million, showing that whale accumulation and a decline in on-chain activity coexist.

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