According to Messari, the number of addresses holding more than $10 million in ADA has been steadily decreasing since April 25. In fact, there are 266 addresses recorded at the time of writing, which is 62% lower.
Needless to say, this group of whales has a significant impact on price action. Therefore, their holdings decreased and the price of ADA moved south.
According to data from CoinMarketCap, ADA lost 56% of its value during the aforementioned period. While the exact date of Cardano’s Vasil hardfork is yet to be determined, the market has mixed thoughts so far.
Cardano’s metrics review
For blockchain, daily revenue is down 63.9% over 90 days and 41.7% over the past 180 days. After recording a daily revenue as high as $60,339 on Feb. 15, the metric has dropped 81% since then.
Since the beginning of the year, total daily sales have almost steadily fallen from $50,000.
On August 12, total revenue was $11,000, which is 64% lower on the chart. Over the past 7 days, the figure is down 6.17%. On longer timeframes, it is down 10.61% over 30 days and 58.8% over the year.
After recording a high of $1.21 on April 4, the ADA price slipped 53%. The average transaction fee on the network has also been 67% lower since then.
At the time of writing, the average transaction fee was $0.20, down 55.95% in 365 days.
Here, it should be pointed out that despite the price plunge that has plagued ADA in the last 3 months, the average coin age has been steadily increasing. In fact, the indicator is up 27%.
This is probably indicative of network-wide accumulation during this time period. In addition, in the past 3 months, the richest 1% of addresses holding ADA have increased the proportion of assets by 0.17%. At the time of writing, they own 28.98 billion Cardano native coins.
In a series of tweets on August 12, Cardano developer IOHK highlighted three key metrics that will determine the timing of the Vasil hardfork mainnet launch.
First of all, the final Vasil node candidate must generate 75% of the blocks on the mainnet. Second, about 25 exchanges had to make an upgrade. Finally, major decentralized applications deployed on Cardano must upgrade to node version 1.35.3.
Each of the aforementioned and others will likely have a significant impact on how the ADA price performs over the next few months. Only time will tell whether this altcoin will develop in the direction investors expect.