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Cardano (ADA) Whales Go on an Accumulation Spree: Data

AA News - Chayanika Deka 2023-04-11 02:15

Over the years, the Cardano ecosystem has come under significant criticism for continued delays and network updates. But ADA whales remain unfettered.

In fact, the top whales have been amassing ADA even as the token struggled to break above the crucial resistance mark of $0.40.

More Gains for ADA?

According to on-chain data shared by crypto analyst and trader Ali Martinez, ADA whales are on an accumulation spree over the past two weeks. During this period, this cohort of token holders (holding between 100 million to 1 billion ADA) has managed to scoop up 560 million ADA, worth around $218.4 million.

Cardano’s price trajectory, for one, has improved since the beginning of the year, pushing its YTD gains to 56% from $0.25 to the press time price of $0.39. The token was up by nearly 26% in the past month alone despite a major drawdown in the second week of March.

The launch of Cardano’s native Djed stablecoin played a major role in improved investor sentiment. Following the launch, ADA’s volume in whale transactions saw a sudden spike. Such an abrupt activity tends to dwindle easily, but whale activity has defied the norm and instead remained steady at high volumes.

As the broader market recovered in the later part of March, the accumulation picked up pace as well. A persistent high whale activity signal increased utility for transactions. It is, hence, a bullish sentiment that could possibly bolster investor confidence in ADA’s growth potential.

Diving deeper into ITB’s chart demonstrated that the total addresses in the Cardano network are steadily rising. There are currently 4.44 million addresses with a balance. On the other hand, zero-balance wallets stood at 37.51 million, bringing the total to 41.95 million.

Recent Developments

The whale activity comes against the backdrop of several developments in the Cardano ecosystem. The network got its first-ever oracle integrator, dubbed ‘Charli3,’ this month. The platform’s oracles were integrated by a leading Cardano-based decentralized finance (DeFi) – Liqwid.

In a series of network improvements and features, the Cardano blockchain also got a boost from Paima Studios’ release of new cross-chain network integration, enabling users to play on-chain games using ADA tokens. The new feature also allows users of other networks to play Cardano-based games.

Earlier this year, Input Output Global (IOG) rolled out a valentine upgrade for its Standards for Efficient Cryptography (SECP) primitives on the network’s mainnet. This update seeks to allow developers to leverage a broader range of native multi-signature designs to build secure and cost-effective decentralized applications (DApps).

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