Cardano (ADA) Ranks 1st in Weekly Gains Among Top 100 Cryptocurrencies...No Impact Even as Wallets Decrease

▲ Cardano (ADA)/AI-generated image

Cardano (ADA) surged by 25% in a week, surpassing all top 100 cryptocurrencies by market capitalization. Even amidst the departure of individual investors, whales accumulated 240 million ADA, driving the upward trend.

According to crypto media outlet The Crypto Basic on August 4 (local time), CoinMarketCap data shows Cardano rising by 25.03% over the past 7 days to reach $0.1956. This marks the highest gain among the top 100 cryptocurrencies by market capitalization during the same period. Cardano significantly outpaced the gains of major altcoins, securing the top spot in the cryptocurrency market's weekly growth.

Algorand (ALGO) ranked second with a 13.99% increase. Pi Coin (PI) rose by 11.06%, Ethena (ENA) by 10.34%, and Polkadot (DOT) by 9.79%. Pump.fun (PUMP) increased by 7.38%, and Monero (XMR) by 6.75%. Cardano's growth rate was approximately 1.8 times that of second-place Algorand.

Blockchain analytics firm Santiment assessed that Cardano showed the strongest performance in a generally sluggish cryptocurrency market. They particularly noted that the upward trend remained unbroken even amidst continued fear, uncertainty, and doubt among individual investors. The number of wallets holding balances on the Cardano network decreased by 7,070 over the past two months. Contrary to the usual inflow of new investors during a rapid bull market, small holders remained outside the market.

Santiment attributed the simultaneous occurrence of individual investor exodus and price increase to the accumulation by large investors. Cardano whales acquired an additional 240 million ADA over five days. The total holdings of whales increased to 14.5 billion ADA. Santiment suggested that large investors, who trust long-term prospects more than short-term traders, are driving Cardano's surge.

Technological developments within the Cardano ecosystem also supported the upward trend. Santiment cited the development of the Leios testnet, progress in Hydra scaling technology, and improvements to the Mithril protocol as key achievements. The integration of Pyth Network's oracle infrastructure and new funding for the Catalyst innovation program were also identified as factors improving investor sentiment. Santiment concluded that Cardano's weekly rise was a result of not only short-term speculative demand but also a combination of whale accumulation and ecosystem development achievements.

[Key Article Summary]

-Cardano rose by 25.03% in a week, ranking first in gains among the top 100 cryptocurrencies by market capitalization.

-The number of wallets holding balances decreased by 7,070 over two months, but whales accumulated 240 million ADA in five days.

-Ecosystem development achievements such as Leios, Hydra, and Mithril supported Cardano's strong performance.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*