Cardano (ADA) has crashed more than 70% in the past year. In 2026 alone, the crypto asset has lost 30% of its value. Multiple attempts to break above the $0.25 level have failed.
Even so, millionaire ADA wallets have been steadily accumulating the asset, which suggests that some large holders remain active despite the decline.
ADA Millionaire Wallets Reach Record Levels
Wallets holding at least 1 million tokens have collectively increased their holdings to 25.11 billion ADA. According to Santiment, this is the highest level recorded since December 2017. These wallets now control 67.5% of the total ADA supply, which is the highest concentration since July 2020.
The analytics platform found that the accumulation by large holders is generally seen as a sign of confidence from key stakeholders with significant exposure to the crypto asset. Santiment added that, as a long-term indicator, the trend could be viewed as bullish for investors willing to hold patiently.
The renewed accumulation comes at a time when Cardano is still battling long-running concerns around its ecosystem growth. Critics often argue that the network has struggled to build the same level of ecosystem traction seen among its peers. For instance, earlier this month, crypto analyst Ali Martinez questioned Cardano’s long-term strength, as he argued that the network’s actual activity remains small compared to its multibillion-dollar valuation.
He pointed out that Cardano’s DeFi ecosystem has never crossed $1 billion in total value locked and still trails far behind rivals like Ethereum, while newer chains such as SUI have already seen stronger usage. Martinez also said Cardano has yet to establish a clear niche that consistently draws developers, users, and capital. He added that the blockchain’s research-focused approach has slowed feature rollouts. Meanwhile, other market experts expressed skepticism over whether Cardano is among the most overvalued blockchain networks in crypto.
According to DeFiLlama, Cardano’s TVL has fallen below $125 million at the time of writing, down 82% from nearly $721 million in November 2024.
Weak Chart
Trader ‘Val Me’ described Cardano’s chart as “very sad looking,” while adding that ADA remains weak on the higher time frame despite trading near a crucial support zone around $0.22. She said the asset could either bounce from current levels or briefly take out the equal lows before recovering. The analyst identified a possible move toward $0.50, though she suggested that the rally could simply form a lower high before a retest of the support zone.
She added that only if ADA later holds a higher low would she begin considering the more bullish scenario, which projects a potential move toward $1.35. However, she stressed that such a scenario is still an overstatement at this stage.
The post Good or Bad? Cardano Whales Control 67.5% of the Total ADA Supply appeared first on CryptoPotato.
