- Cardano (ADA) holders have unstaked a whopping $45.6 million worth of ADA tokens, despite the price of ADA sustaining stability at $0.25.
- With trading volume being dropped by more than 40%, recent action taken by ADA holders to send prices to lower levels.
In the past weeks, Cardano (ADA) has maintained stability within a certain price range. However, this pattern might be short-lived, as a significant amount of ADA tokens have now been unstaked by market players.
It appears that sentiments surrounding the ADA altcoin are leaning more towards a bearish angle, as many ADA holders proceed to unstake large amounts of ADA tokens.
According to on-chain metrics, a whopping 175.4 million ADA coins have been unstaked in smart contracts. This has resulted in a mild decline in the amount of ADA tokens unstaked within the first week of the new month.
As depicted by on-chain data, ADA tokens have dropped from 63.3% to 62.8%, following the action taken by ADA holders. This has also resulted in ADA’s total circulating supply dropping by 0.50%.
The recent action might result in more than $40 million worth of the recently unstaked ADA tokens, being dumped back into the market. This could go on to have a significant impact on the price of ADA, and sway it more towards a bearish region.
It is also worth noting that the total ADA staked metrics typically go through changes and fluctuations spoofed in real-time, as well as the amount of ADA tokens locked in smart contracts by investors. Should staked tokens drop below the 62.8% mark, on-chain data will reflect a two-month low decline in staking activity.
ADA sustains mild hourly gains while trading volume declines significantly
Before this time, sentiments surrounding the ADA token were largely bullish, especially after Grayscale gained a lot of momentum in its ongoing legal battle with the U.S. Securities and Exchange Commission.
Following this development, the stalking of Cardano tokens saw a significant upsurge. Staking activities would go on to increase significantly, suggesting that investors’ sentiments are becoming increasingly positive.
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The recent turn out of events in the staking ecosystem will likely push back on the already attained bullish momentum created over the past weeks. As a result, the price of ADA might be nosedive.
Notably, ADA’s price sustained stability around the $0.25 price range. The altcoin, which is currently occupying the 8th position in the crypto market, sits right above SOL, and below DOGE, both of which are rival tokens.
At press time, ADA is still trading for $0.25. The asset has recorded a mild upsurge in hourly gain, as it attempts to remain within the green zone. Market cap has also surged by 0.48% within the last 24 hours. On the other hand, trading volume has dropped by more than 40% within a 24-hour time frame.