Cardano Whales Sell 110 Million ADA As Network Activity Drops

Cardano ($ADA) declined 15.70% over the past seven days to approximately $0.234, according to data reported by CryptoNews, as large investors reduced their holdings and network participation weakened.

According to analyst Ali Martinez, large Cardano holders sold over 110 million tokens within a five-day period. At the reported price of $0.234, those tokens carry a market value of approximately $25.7 million. The selling coincided with a 41.36% decline in daily active addresses, which fell from 27,248 to 15,977 according to figures cited from Santiment. The token's market capitalization stood near $8.78 billion, with daily trading volume reaching approximately $530.8 million.

Transaction Record and Payment Changes

Despite the decline in active addresses, Cardano recorded 1,780,896 transactions during Epoch 660 between October 6 and October 11, surpassing its previous five-day transaction record set in November 2021. The increase coincided with governance voting activity involving Delegated Representatives participating in decisions regarding network operations and treasury spending.

Separately, the Cardano Card program announced it will discontinue its payment services on October 31 following changes to payment partner Wirex's custodial infrastructure. The service will continue operating under current arrangements until the cutoff date.

Key facts

• Cardano fell 15.70% over seven days to approximately $0.234.
• Large holders sold over 110 million ADA across five days.
• Daily active addresses declined 41.36% from 27,248 to 15,977.
• Epoch 660 processed a record 1,780,896 transactions.
• Cardano Card services will close on October 31.