CoinDesk
Wallets holding at least one million ADA now control 25.09 billion tokens — 67.47% of the circulating supply — the highest whale concentration since July 2020, according to Santiment data. The accumulation has run uninterrupted since December 2023, even as ADA has shed 71% of its market cap over the past nine months, meaning the largest holders have been buying directly into sustained price weakness.
The on-chain picture tells a different story. Cardano's total value locked has collapsed roughly 80% from a December 2024 peak of $686 million to just $137 million, per DefiLlama. Daily DEX volume across the entire chain sits at $1.95 million, 24-hour chain fees came in at $1,767, chain revenue at $353, and active daily addresses are fewer than 16,000 — metrics that point to a network being held rather than used.
ADA was trading at $0.27 in Asian hours Friday, with a market cap of $9.96…
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