Whales have accumulated 67% of ADA, but the TVL has plummeted by 80%. This script feels a bit familiar.

ME News May 15th Report, Santiment shows that wallets holding ≥1 million ADA now control approximately 25.09 billion ADA, accounting for 67.47% of the total, the highest level since July 2020. The continuous accumulation trend since December 2023 has caused ADA's market cap to decline by 71% over nearly nine months. Cardano DeFi TVL dropped from a peak of about $686 million in December 2024 to $137 million, a decrease of 80%; daily DEX trading volume is about $1.95 million, with approximately 16k on-chain active addresses in 24 hours.