Coinbase data showed that 57% of the Cardano (ADA) supply was staked, with an estimated reward rate ranging from 1.30% to 3.00% APY, and Coinbase's own rate at 1.38%. The high staked supply indicates network resilience and strong conviction from holders.
Node 11.2 goes live
Node 11.2 is now live on the mainnet and has brought core upgrade features. According to AMBCrypto, node configs came in a new "envelope" format that nodes older than 11.2 cannot read, meaning operators will have to upgrade. Despite the news, the price reaction has been minimal so far.
Holders underwater
The MVRV ratio measures how much profit or loss the average investor is sitting on. Santiment data tracks MVRV across different rolling timeframes, such as 30-day (short-term holder) and 180-day (long-term holder). The data showed that both the 30-day and 180-day MVRV ratios were below zero, meaning these holders were facing average losses of 15.21% and 8.9%, respectively.
The September rally saw the MVRV ratios reach highly positive territory, especially for the 180-day cohort. It was expected that this would prompt profit-taking and selling pressure. The sustained ADA price losses below $0.20 were also due to crypto market-wide fear as Bitcoin faced rejection below $80k.
Daily active addresses have tumbled compared to levels registered in the first half of October, from a peak of 29k to just 12k-14k in recent days.
Signals of accumulation
The price correction to $0.194 in mid-September saw the 2-year dormant circulation spike and also caused a minor dip in the 2-year mean coin age. These metrics measure the amount of tokens not transacted for a specific period and the average number of days all ADA tokens were in their addresses over a rolling window.
Over the past six weeks, while Cardano was in steady decline, both the 90-day and 2-year mean coin age have trended higher. Meanwhile, dormant circulation was relatively quiet. This relative quiet was markedly different from the panicked offloading seen in June, when Cardano prices were crashing toward the $0.14-$0.15 lows, dormant circulation was high, and mean coin age was in freefall.
Therefore, despite the steady drawdown in recent weeks, the sentiment was likely quite different, as the evidence at hand shows. The steady ADA losses have not yet given way to panicked selling.
