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\n\t\t\t\t\t\t\t\t\tADA millionaires now hold over 25 billion tokens for the first time ever, according to Santiment’s latest findings.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
At $0.26, Cardano (ADA) continues to trade significantly below its previous market highs, but large holders of the 11th-largest crypto asset by market cap appear unfazed.<\/p>\n
In fact, new data suggests that millionaire-tier Cardano wallets consistently expanded ADA holdings.<\/p>\n
According to crypto analytics platform Santiment,\u00a0wallets holding at least 1 million ADA have steadily increased<\/a> their share of the supply. These wallets now collectively hold 25.09 billion ADA, which represents 67.47% of the current circulating supply. The accumulation trend has continued even as Cardano\u2019s market cap dropped more than 70% over the past nine months.\u00a0Santiment said the \u201cmillionaire\u201d tier of sharks and whales appears to be taking advantage of lower prices.<\/p>\n Amid continued accumulation by major Cardano holders, crypto analyst Ali Martinez recently pointed<\/a> to the $0.25 level as a historically important price zone for ADA. According to Martinez, Cardano saw a strong recovery after holding that level in January 2023, as the asset rose more than 88% in the following weeks.<\/p>\n A similar trend unfolded in September 2023 as well, when ADA once again maintained support around $0.25 before later recording a 243% rally. With Cardano currently trading above $0.26, the same support range remains critical for the asset\u2019s price structure.<\/p>\n Based on his analysis, continued strength above the $0.25 zone could support a move toward $0.36, while a broader rally could push ADA toward $0.53. However, he warned that losing the support range could lead to a deeper correction.<\/p>\n Beyond price, Cardano continues to face<\/a> criticism over the pace of its development and scaling progress. Responding to those concerns, Cardano founder Charles Hoskinson recently pushed<\/a> back against claims that the network had \u201cabandoned scaling in favor of governance.\u201d<\/p>\n Hoskinson said Cardano\u2019s scaling research has been ongoing since before the Shelley era and involved years of work across Layer 2 solutions, the extended UTXO accounting model, zero-knowledge technologies, partnerchains, and the Leios protocol. He explained that many of these initiatives required extensive research, scientific publications, and long-term engineering efforts that could not simply be accelerated by adding more developers.<\/p>\n Hoskinson also maintained that the implementation of the Voltaire governance system did not divert resources away from scaling research.<\/p>\nScaling Debate Intensifies<\/h2>\n
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