Cardano (ADA) sharks buy up
11% of the total supply
Over the past two months, Cardano (ADA)
sharks have started being active again. Beginning in early November, these
Cardano (ADA) wallets have been accumulating hundreds of millions of dollars
worth of tokens. As of the beginning of November, these wallets held roughly
10.5% of the entire Cardano (ADA) supply. In contrast, after purchasing an
additional 330 million Cardano (ADA) tokens for a total of $83,000,000, the
percentage is presently at 11.60%, almost 6 weeks later. The major increase in
shark purchases will have possible long-term effects on the value of the
digital asset. The value of Cardano (ADA) is likely to rise as a result of such
a large influx of investment. Although the shark movement was intended to
reverse the downward trend that Cardano (ADA) has been experiencing, the
current market conditions have prevented the same. In the last 30 days,
Cardano’s (ADA) value has dropped 18%, to $0.26.
Solana NFT Collections to soon shift to Polygon (MATIC)
Both y00ts and DeGods, the two largest NFT
collections on Solana, have stated their intention to move to other blockchain
like Ethereum (ETH) and Polygon (MATIC) in 2023. Thus, Ethereum and its Layer-2
solution, Polygon (MATIC), are set to become the next stop for digital art
collections. Ethereum was never questioned, but allegations quickly spread that
Polygon (MATIC) had offered financial incentives to encourage projects to move
to its platform. Solana Labs’ co-founder accepted this incident in stride,
commenting on claims that Polygon (MATIC) financed the projects, and DeGods
founder hasn’t refuted it either. Many in the crypto community now believe that
the NFT collection will not be relocated to Polygon (MATIC) for the advantages
it provides, but rather because of the price paid. Polygon (MATIC), as a
cryptocurrency, has struggled in 2022. The price of Polygon (MATIC) has
decreased from $1.60 a year ago to its current price…
