News

In the last month, 7.6 billion more ADAs were transferred to Binance than withdrawn according to data from Flipside Crypto. Meanwhile, the price of ADA dropped from $0.141 on August 14 to $0.097 by September 14 — a 31% decrease.

ADA price and market capitalization. Source: CoinMarketCap.

ADA price and market capitalization. Source: CoinMarketCap.

Before the asset’s recent backtrace in price, Cardano’s native currency was on a bull run, culminating with a recent upgrade on July 29. During the run, ADA was able to entrench itself in the top-10 cryptocurrencies by market capitalization, but has dropped out since.

Flows of ADA’s 30-day active supply. Source: Flipside Crypto.

Flows of ADA’s 30-day active supply. Source: Flipside Crypto.

On August 14, the vast majority of the 30-day active ADA supply was held by the users — 11.4 billion out of 12.2 billion. However, by the end of the period, only 1.5 billion was left with the users. Meanwhile, Binance experienced a net inflow of approximately 7 billion ADA, while “Top holders” accumulated 3 billion additional ADA.

ADA holders may have decided it was simply time for them to cash out some of the gains they had accumulated in the preceding months.

Products You May Like

Articles You May Like

New Peer to Peer Exchange Provides Africans with an Alternative to Paxful
Is Ellie-Jean Coffey’s New Gig Any Less ‘Toxic’ Than Surfing?
Ultimate Bitcoin bull case: trader says 23 factors show a rally is due
EA FIFA 21 Targets Children With Loot Boxes – An Embarrassing New Low
Ubisoft Creative Auteur’s Exit Renews Toxic Workplace Controversy
Can You Lose More than You Invest in Bitcoin?

Leave a Reply

Your email address will not be published. Required fields are marked *