Cardano (ADA)Crypto News

Cardano whales bought 200 million more ADA in 5 weeks

Cardano whales bought 200 million more ADA in 5 weeks, Crypto Trading News
Despite slipping to record lows amid a broader market crash earlier this year, the ADA-Whales to be bullish on the price of the crypto asset.

Lower price attracts accumulation

According to crypto analytics platform Santiment, Cardano whale addresses have accumulated sharply at 1 million to 10 million ADA over the past five weeks, although the price has been fluctuating near the 15-month low. In total, this cohort of investors added almost 200 million ADA to their pockets.

🐳📈 #Cardano whale addresses holding 1 to 10 million ADA dollars collect their pockets in the last 5 weeks (196 million more ADA dollars) after a 7-month dumping stretch (-1.7 million less ADA- Dollar). The ninth largest asset market capitalization recently reached such a low in February 2021. https://t.co/co8BcqHJAF pic.twitter.com/OXpbu3KSXp

— Santiment (@santimentfeed) May 3, 2022

Whales’ sentiment change comes after months of dumping of ADA tokens, which priced the ninth largest cryptocurrency down 75% since peaking in September 2021 to a February low. A surge in buying pressure could essentially mean that whales are eyeing a potential near-term recovery. This demand barrier could act as an impressive support floor at $0.8.

Cardano picked up significant network activity in the first quarter of the year. A large transaction volume (LTV) on the Blockchain indicated an increase in institutional demand.

Since the beginning of the year, LTV has increased from 1.35 billion ADA per day to 69 billion ADA changing hands on Cardano, more than a 50x increase in just three months. This was revealed by another prominent analytics platform, IntoTheBlock. In fact, last year saw a 216% increase in transaction volume. However, the latest data compiled by ITB shows that the metric has been tumbling since April.

Other important metrics

While active addresses have stagnated, the number of native tokens on the Cardano blockchain has increased, according to the Cardano Blockchain Insights dashboard. Its TVL, on the other hand, has settled at nearly $259 million after peaking at over $434 million in March.

In a recent network growth statistic, IOHK revealed that 925 projects are currently being built on it. NFT-Collections dominate the chart with a massive 46.6%, while NFT marketplaces, metaverse projects, DeFi, Gaming, Loans, DEX lagged behind at 4.1%, 3.4%, 1.9%, 4.2%, 1.7% and 3.8%. , respectively.

🌿The thriving Cardano #DApp ecosystem continues to grow. Let’s take a look at another #BuildinOnCardano recap and see what’s been happening in the #Cardano ecosystem over the last week.

Ready? pic.twitter.com/q6TwSuD5eZ

— Input Output (@InputOutputHK) May 2, 2022

The founding company of Cardano also announced a new upgrade that increases the block size by 10% from 80 KB to 88 KB. In addition to increasing network throughput, the latest implementation aims to scale the performance of decentralized applications built on top of the blockchain.

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Source: Crypto News Deutsch

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