Cardano (ADA) became the center of attention in the Web3 space courtesy of its dwindling market showings that saw it drop drastically over the past few days.
Per Cardano’s data on Coincodex, the coin asset is changing hands at roughly $0.61, having dropped by about 4.36% in the past 24 hours.
Other significant statistics revealed that ADA has declined by 15.4% in the past week, and sentiment shifted towards a bearish outlook. Nevertheless, the coin is still trading above the 200-day Simple Moving Average (SMA), radiating a glimmer of hope for ADA amid the market declines.
IntoTheBlock Releases Cardano (ADA) Holders’ Statistics
IntoTheBlock, a provider of on-chain digital assets analysis, recently released Cardano (ADA) owners statistics, which reflected the coin’s present market status.
According to the released data, no fewer than 43% of ADA Investors are currently recording losses, as against 57% still privileged to be registering profits.
Furthermore, the analytical platform revealed that only 34% of ADA’s total supply is held by whale investors. Also, 33% of the coin holders have held on to the token for less than a year.
The estimations above could be said to have summarized Cardano’s predicament. The lack of whale activities implies that most large investors do not consider ADA a good choice for profit-oriented investment. On the other hand, 33% of short-term token holders depict a lack of trust in the coin’s prospects for the future.
ADA’s Woes Deepen With Recent CoinGecko Crypto Ranking
CoinGecko recently has published the list of the top 20 most popular blockchain ecosystems on its platform.
Surprisingly, Cardano (ADA) failed to make the top 10, as it could only manage to cling to the 13th position despite the efforts by the coin’s development team.
Ethereum (ETH), Cardano’s main competitor did not only make the top five, as it was ranked the second most popular blockchain on CoinGecko.
Other cryptocurrencies making up the top five most popular ecosystems in an ascending order fashion included Solana (SOL), BNB Smart Chain (BSC), COSMOS (ATOM), and Avalanche (AVAX).
It is left to see how CoinGecko’s ranking would influence Cardano’s development team. ADA enthusiasts will hope it spurs those in charge of their favorite cryptocurrency ecosystem development to up their game to defeat market competitors.
