Recent analysis carried out by a cryptocurrency analytics company has revealed that the number of millionaires in the Cardano network is increasing, notwithstanding the price instability experienced by ADA. Most digital coins are working toward ensuring the participation of all by making sure a sizable number of their tokens are not concentrated in the hands of a significant few fans. But Cardano’s ways of doing things are different from others.
The low of January 22, which stood at $0.92, saw ADA engage in indirect trading following the drop in price on the trading platform. At the time of writing, ADA had appreciated by $1.06, which marks a slight improvement for the token.
The firm also revealed that addresses holding 1–10 million ADA have jumped by 40.65% in just a couple of weeks in the first quarter of 2022. It also states that the same addresses collectively control a whopping 24.87% of the supply in circulation; this is approximately 33.57 billion in ADA.
However, Cardano is aware of many whales from various holders. According to multiple reports, addresses holding a balance ranging between 10,000 and 1,000,000 ADA have since shot up by an overwhelming 15,000% in December 2021. In January, the same class of investors multiplied their ADA shares by accumulating $53.6 million worth of tokens.
In what is fast becoming a bullish move to increase the millionaire whales in its community, the coin developers see this as the perfect action to take if the coin remains relevant in the scheme of things in the industry.
More Network Changes Are on The Way
Amid the procedural changes made by Cardano, a director at IOHK, Tim Harrison, believes that there are more network changes expected before the end of the week. The plan is one of a series of network adjustments embarked upon by the crypto company to consolidate its role in strengthening its operational mechanism ahead of other players.
The firm believes that Cardano will update its operations following a series of calculated moves taken by the digital coin company to efficiently scale its growth and development as demands continue to move upward. The action by Cardano is a statement of intent toward actualizing its long-term goal of having a firm grip on the digital coin industry and ensuring the benefits of its trusted users.
The latest changes were announced after node 1.33.0 in the early days of January to adjust to a couple of network systems in their units, like the memory capacity and block size. Furthermore, the IOHK also announced an upgrade to the blockchain size to at least 11% to help optimize its network capacity.
The change also means the size of the block will be increased to 80 KB, in contrast to its current size of 72 KB, indicating that the blocks are optimized to handle a large number of transactions. With improved pipelining, the layer facilitating faster block multiplication is regarded as one of the crucial scaling upgrades in 2022.