Along with the bear market, the demise of several projects caused massive chaos in the market. November was a rough month for the entire ecosystem. A downtrend ticked by ftx stripped crypto assets of all their previously accrued profits. Taking advantage of this drop, whales and sharks went on a bargain hunt. Notably, Cardano sharks have pocketed $83 million in ADA since Nov. 7.
According to recent data compiled by the on-chain analytics platform Santiment, with 10,000 to 100,000 ADA, Cardano investors had the largest percentage of supply since June 2021. Currently, these sharks bring a whopping 4 billion ADA in total. As mentioned earlier, 331 million ADA worth $83 million was added after the FTX debacle.
While most of the market remained skeptical about buying into the dip, Cardano sharks made the most of it. Unfortunately, this buying spree did not reflect on the price of the altcoin.
As shown in the chart above, the asset was trading for a high of $0.429 in early November. Following this, the asset fell to a low of $0.2482 earlier this week.
As can be seen in the chart, ADA has witnessed minimal upside trends in recent weeks. At the time of writing, the asset was trading at $0.2592 with a daily increase of 2.35 percent.
Cardano surpasses Ethereum and Litecoin in terms of on-chain activity
Cardano saw a huge growth in hair on chain statistics throughout the year. According to Messer, the altcoin ranked second in on-chain activity. The asset witnessed a transaction volume of $2.34 billion while its adjusted volume was $2.26 billion. It should be noted that Bitcoin took over the top spot and its adjusted transaction volume was $2.90 billion.
In addition, the total number of transactions on the network fluctuated again towards 100,000. At the time of writing, the number of transactions was 80,881.
In addition, the number of active addresses on the Cardano network was 77,844. Ethereum [ETH] the second largest cryptocurrency ranked fourth while Litecoin [LTC] in third place.
Despite the booming on-chain stats, the price of the altcoin fell as usual.