With the recent dump in the price of Cardano’s native coin ADA, numbers of big holders surged by 113%.
Cardano is the 6th ranked crypto blockchain network in the crypto market by 24 hours trading volume. And right now this crypto project is standing at 3rd position in terms of smart contract platform. Recently native coin ADA of Cardano pumped to $1.6 because of its most anticipated defi exchange launch, SundaeSwap.
At the time of writing this article, the price of the ADA coin is $1.06 and this price is 5% low over the last 7 days as a part of a crypto market correction.
In the past few months, ADA coin faced huge criticism from its majority of the smallholders but records are showing that big holders are highly bullish on ADA coin to hold it for the long term. With the downfall in the price of ADA coins, holders are also increasing. In the last 10 days, big ADA holders increased by more than double in number.
The current amount of ADA held by big holders, which are holding between 10,000 and 1 million ADA coins equals 113% of the tier accumulated by them by January 17th. And this amount corresponds to $50 million.
This data is a clear indication that the majority of the people have faith in the ADA coin for the long term to grow in this industry.
Cardano may beat Solana in future
In September 2021, the developer team of the Cardano project Introduced a Smart contract feature in the Cardano Blockchain network with the help of Alonzo Hardfork.
After September 2021, Cardano blockchain ecosystem have more than 1,000 active smart contract projects, which are continuously working to launch on mainnet.
These things are showing that new projects have better hope with Cardano. Even new projects have the option of the Solana blockchain Network, which has more Scalability over the Cardano blockchain Network.
A few weeks ago, Charles Hoskinson, founder of the Cardano project, said that they will achieve 1million TPS of scalability in the Cardano Blockchain network, around 100 times more than Solana scalability.
Right now the team is working in 11 different ways to fix and introduce more scalability in the Cardano Blockchain network. By the end of this year, people will be able to see Hydra in Cardano to facilitate micropayments.
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