Despite sinking to a record low level amidst a wider market crash earlier this year, ADA whales appear optimistic about the crypto asset’s price.
Lower Price Attracts Accumulation
Remiantis kriptovaliutų analizės platforma, Santimentas, Cardano whale addresses holding 1 million to 10 million ADA have been heavily accumulating over the past five weeks despite its price hovering near 15-month low levels. Altogether, this cohort of investors has added almost 200 million ADA into their bags.
?? # Kardanas banginių adresai, turintys nuo 1 iki 10 mln USD ADA per pastarąsias 5 savaites kaupia savo lagaminus (196 mln. daugiau USD ADA) po 7 mėnesių dempingo atkarpos (-1.7 mln. mažiau USD ADA). 9-as pagal dydį rinkos kapitalizacijos turtas neseniai pasiekė tokias žemas kainas 2021 m. vasario mėn. https://t.co/co8BcqHJAF pic.twitter.com/OXpbu3KSXp
- „Santiment“ (@santimentfeed) Gali 3, 2022
The change in whale sentiment comes after months of dumping ADA tokens which drove the price of the ninth-largest cryptocurrency down by 75% since its peak in September 2021 to a February low. A spike in buying pressure could essentially mean that the whales are eyeing potential recovery in the near term. This demand barrier could act as a formidable support floor at $0.8.
Cardano picked up significant network activity in the first quarter of the year. Large transaction volume (LTV) on the blockchain suggested a rise in institutional demand.
Since the beginning of the year, the LTV rose 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 yet another prominent analytic platform, „IntoTheBlock“. In fact, a 216% hike in transaction volume was seen in the past year. However, the latest data compiled by ITB depicts that the metric has slumped since April.
Other Important Metrics
While active addresses have remained stagnant, the number of native tokens on the Cardano blockchain has seen a rise, according to the Cardano Blockchain Insights prietaisų skydas. Its TVL, on the other hand, settled near $259 million after scoring a high above $434 million in March.
In a recently shared statistics regarding network growth, IOHK atskleidė that currently, 925 projects are being built on top of it. NFT collections dominate the chart with a massive 46.6%, while trailing behind are – NFT marketplaces, metaverse projects, DeFi, gaming, lending, DEX with 4.1%, 3.4%, 1,9%, 4.2%, 1.7%, and 3.8%, respectively.
?Klesti Cardano #DApp ekosistema toliau auga. Pažvelkime į dar vieną santrauką #BuildinOnCardano ir peržiūrėti, kas atsitiko # Kardanas ekosistema per paskutinę savaitę.
Pasiruošę? pic.twitter.com/q6TwSuD5eZ
- įvesties išvestis (@InputOutputHK) Gali 2, 2022
Cardano’s founding company also paskelbė a new upgrade that enhances its block size by 10%, from 80KB to 88KB. Besides increasing the network’s throughput, the latest implementation is expected to scale the performance of decentralized applications building atop the blockchain.
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Source: https://cryptopotato.com/cardano-whales-bought-200-million-more-ada-in-5-weeks/