Popular cryptocurrency Cardano (ADA) big players seem to be accumulating more ADA tokens. According to the data received by IntoTheBlock; The number of Cardano addresses with over 100,000 ADA has increased by nearly 40 percent recently.
On-chain activity shows ADA bulls fully awake
According to the data above, more than 31,000 addresses hold over 100,000 ADA tokens. Current market activity indicates that ADA whales may be preparing for a more intense accumulation spree, analysts and other market players claim.
This sentiment is bolstered by the latest on-chain data from analytics firm Santiment, which reveals that the balance of addresses holding between 1 million and 10 million tokens has reached a new peak of 12.4 billion ADA.
A similar bullish movement was observed last week; A giant BNB whale has purchased ADA for a massive 5.3 million tokens, according to data from whale watching platform WhaleStats. This transaction was valued at $5.1 million at the time of acquisition.
It can be said that the recent significant increase in ADA addresses is due to the impact of various bullish events. In addition, market observers noted that there was a 167% increase in the number of ADA wallets created during the same period.
Whales have become more active in the last 24 hours
Again, according to data from IntoTheBlock, Cardano whales have become more active in the past 24 hours with the number of large transactions increasing by 4 percent. Sudden spikes in large trades are often indicative of high activity among institutional players or whales buying or selling.
ADA price is currently struggling to recover along with the rest of the market after falling to lows near $0.77 on March 7. ADA is trading at $0.84, up about 4 percent at the time of writing, according to data from CoinMarketCap.
According to IntoTheBlock, large transactions are those where the amount transferred exceeds $100,000. The high trading volume gives an idea of the total amount of transactions carried out by whales and institutional players on a given day. And according to these data; Big investors, known as whales, seem to be looking to buy the crypto asset at a good price while the Cardano network is showing significant signs of growth.
According to DefiLlama, the total value locked in the Cardano network (TVL) has also climbed dramatically, reaching a new high of $173.29 million. SundaeSwap, a decentralized exchange (DEX) built on top of the platform, also holds more than 70 percent of the funds.
positive developments
AdaSwap, a Cardano-based DEX, recently announced a $2.6 million fundraising round led by venture capital firm iAngels and several other investors, including “Wonderwoman” star Gal Gadot.
Bitrue, a leading cryptocurrency, also announced that it is investing in Cardano-based DEX Wing Riders to help it grow.
Bitrue said in a statement; Animoca Brands, along with other notable investment firms such as MatrixPort, Spark Digital Capital, and Double Peak, said it has contributed to Cardano DEX’s private funding round through its $50,000,000 mutual fund.
Minswap, a multi-pool decentralized exchange, also announced its launch on the Cardano mainnet earlier today. With Minswap, users can now deposit liquidity in exchange for rewards and swap their tokens in a decentralized manner. Yield-farming will be available on the exchange from 14 March.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.