Cardano (ADA) Accumulation Reaches ATH as Shelley Launch Nears

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IntoTheBlock, a blockchain analytics platform that claims to be dedicated to bringing intelligence to crypto through humans and machines, took to Twitter on June 7, 2020, to reveal that more and more Cardano (ADA) enthusiasts are now increasing their ADA holdings in anticipation for the official launch of the much-talked-about Shelley era. The total number of addresses holding ADA hit a massive 385.08k on June 3.

Shelley Attracting More Hodlers to Cardano (ADA)

These are exciting times indeed for Cardano (ADA), the self-acclaimed “Ethereum Killer” and members of its ecosystem, as more and more hodlers are now buying ADA, the native altcoin of the Cardano blockchain, in anticipation of the official launch of Shelley.

It will be recalled that earlier in May 2020, Charles Hoskinson, the co-founder of the Cardano distributed ledger technology (DLT) network revealed the roadmap for Shelley and assured Cardano enthusiasts that the Shelley era will officially go live before the end of August 2020 and since making that exciting revelation, people’s interest in ADA has surged significantly.

In the latest development, blockchain analytics platform, IntoTheBlock has revealed that the total number of wallet addresses holding ADA hit an all-time high of 385,.08k on June 3, 2020, and that number is expected to continue rising as Shelley launch draws closer.

IntoTheBlock tweeted:

Raising the Stakes. #Cardano, or the so-called “Ethereum Killer” is looking sharp as the Shelley protocol transition is fast approaching. The total number of addresses holding $ADA reached itsATH on June 3, with 385.0 thousand addresses.

The Shelley Advantage 

For those who are unaware, the Shelley era represents the natural maturation of the Cardano network. It is the second of a total of five Cardano eras (Byron, Shelley, Goguen, Basho, and Voltaire).

Shelley is designed to make the Cardno blockchain 50-100 times more decentralized, enable ADA holders to stake their coins and earn decent interests, and make it almost impossible for bad actors to orchestrate a 51-percent attack on the network.

As reported by BTCManager earlier in April 2020, the Genesis block of the Shelley mainnet was mined successfully in a test environment and the team has revealed that on June 9, 2020, the Shelley Friends and Family testnet will be open for the entire stake pool operator community to join.

At press time, ADA maintains its position as the 10th-largest cryptocurrency in the world. The price of ADA sits at $0.085606, with a market capitalization of $2.22 billion, as seen on CoinMarketCap.

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