Cardano whales accumulate as activity slows

• Cardano (CRYPTO:ADA) whales increased their holdings in late June even as network activity fell to a 45-day low.
• Large wallets raised their share of ADA supply to 38.13%, while smart contract transactions dropped to about 4,254 on 28 June.
• Investors appear to be positioning ahead of the planned Ouroboros Leios and Protocol Version 11 upgrades later in 2026.

Cardano (CRYPTO:ADA) whales increased their holdings in late June, with wallets holding between 10 million and 100 million ADA raising their share of the token's supply from 37.66% to 38.13% even as network activity weakened.

ADA traded near US$0.15 on 29 June, down about 8% over the previous week and roughly 38% over the past month, while the token's market capitalisation stood at approximately US$5.4 billion.

On-chain data from Santiment showed large-wallet accumulation alongside spikes in transactions exceeding 1 million ADA, although such transfers can include exchange movements and do not necessarily represent outright purchases.

Daily transactions fell to about 17,400 on 28 June, while smart contract transactions declined to approximately 4,254, their lowest level in 45 days, and network fees dropped to about 5,100 ADA from roughly 23,000 ADA earlier in June.

The accumulation comes as developers prepare the Ouroboros Leios scalability upgrade and Protocol Version 11 (van Rossem), which aim to increase transaction throughput and reduce smart contract costs, while following the latest market activity Cardano's price was unchanged near US$0.15.

The Musashi Dojo test environment for Ouroboros Leios opened on 23 June, with a mainnet launch targeted for around November 2026, while Protocol Version 11 remains subject to community approval through on-chain governance.

The divergence between whale accumulation and weaker network usage suggests some large holders are positioning for future protocol upgrades, although whether those improvements translate into stronger on-chain activity remains uncertain.

At the time of reporting, Cardano price was $0.1443.