More than half of Cardano holders are in it for the long haul

The army of Cardano holders has grown bigger and bigger in recent years. The majority of the project’s token holders have owned the coin for over a year now. This shows that more and more people support the project for the long term and do not just sell their coins.

cardan holders
Token stats Cardano. Source: TradingView

more stable market

The HODL behavior of Cardano token holders ensures that the market becomes more stable and price fluctuations become less and less intense. The more tokens that are “off the market” in this way, the fewer are available for sale.

In the long term, this should eventually lead to new price increases. Although that is of course never a guarantee for success. It could also be that the Cardano token holders have chosen the wrong project.

The competition in the field of smart contract platforms is huge. In that respect, the question is whether Cardano can win the competition of, for example, an Ethereum in the long term. At the moment, things don’t look so rosy for the project in that regard.

Positive momentum

For now, however, the project seems to benefit from the stable base of holders who believe in the project. The coin is in a so-called ascending price channel and at the time of writing, the coin is ticking in at $0.3862.

That means that Cardano is at a plus of 57.29 percent for the entire year 2023. Compared to exactly one year ago, the score is somewhat less prosperous, with a decrease of 62.30 percent.

In that respect, Cardano could not escape the general malaise of 2022 either. For now it is important to continue the positive momentum of recent months for the project. If that works out, 2023 could just be a blast of a year.

Read Also:  Ethereum Prices Expected to Rebound

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