“Cardano’s recent on-chain milestone, coupled with the movement of old wallets, showcases the growing trust and adoption of the platform, positioning it as a strong competitor to Ethereum in the race for decentralized dominance.”
New data from market intelligence firm Santiment reveals that Cardano (ADA), a competitor of Ethereum (ETH), has reached a significant milestone. According to Santiment, long-time ADA holders have recently started moving the largest amount of tokens in over a year. Additionally, deep-pocketed Cardano holders have been accumulating nearly 44 million ADA tokens, equivalent to approximately $12.67 million, within a span of two weeks.
Santiment states, “Cardano has hit a major dormant coin activity milestone. Monday marked the highest amount of older wallets moving ADA since April 2022, indicating more coins are moving back into circulation. 100,000-10,000,000 ADA wallets are also accumulating again.”
Meanwhile, Ethereum’s upward momentum is also strengthening based on key indicators observed by Santiment. The firm notes a decline in the supply of ETH held on crypto exchanges, suggesting increased investor confidence and a desire to hold onto the cryptocurrency.
ETH’s social dominance is also growing as its price continues to rise. Traders are beginning to take notice of Ethereum, although its social dominance still remains lower than its previous peak. Santiment suggests that there may be room for further growth before things cool down.
At the time of writing, Cardano is trading at $0.29, while Ethereum is valued at $1,809.
Please note that the opinions expressed in this blog are not investment advice, and investors should conduct their own research before making any high-risk investments in cryptocurrencies or digital assets. Transfers and trades are done at one’s own risk, and any losses incurred are the responsibility of the individual. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets and is not an investment advisor.