Long-term Cardano holders now own more than $10 billion worth of ADA
The holders of the Gimbal (ADA) token, which has not parted ways with their tokens for at least a year, now controls a cumulative total of 10.12 billion ADA tokens ($9.5 billion), according to data provided by the crypto data firm -IntoTheBlock currency.
This is the biggest amount of holdings since Dec. 11, 2019, the data shows.
The metric illustrates a strong hodler mentality within the Cardano community.
As the ball clearly remains in the bears’ court, cryptocurrency investors routinely take to social media to convince others to hold on as well, attempting to capitalize on the feeling of anticipated regret.
Cardano is still down 69% from its all-time high, which is in line with other prominent “Ethereum killers” such as Polkadot (DOT) and Solana (SOL). Those who have held the token for more than a year are now in the red. The ADA cryptocurrency is down around 6% in the past 12 months after peaking at its current all-time high of $3.09, which was hit in early September.
With the token down significantly from its record peak, holders appear to be reluctant to sell out of fear of missing out on future returns. It is worth noting that ADA collapsed a whopping 98.5% during its previous boom-and-bust cycle before seeing enormous gains and outperforming the rest of the top cryptocurrencies in late 2020 and early 2021.
Earlier today, the token climbed 8%, rebounding along with the broader crypto market. The Bitrue cryptocurrency exchange has made it one of the base currencies.
As reported by U.Today, Cardano recently surpassed three million wallets after experiencing strong network growth. But the blockchain is yet to see a killer app of the likes of Uniswap. The debut of the flagship DEX SundaeSwap was mired in technical issues.
In the meantime, Charles Hoskinson, CEO of Input Output, recently attempted to push back against ‘slanderous’ accusations to try to artificially maintain the token float price through redemptions.
