Crypto analyst Ali spots a growing on-chain trend for the seventh largest cryptocurrency, Cardano (ADA). According to a chart he posted, Cardano's large transactions have signaled a growing trend since the start of 2023.
He noted that the volume of large ADA transactions exceeding $100,000 on the Cardano network was on the rise.
Ali added, "This trend indicates institutional investors' and ADA whales' increasing engagement, shedding light on their investment strategies."
"Large transactions," which are those that exceed $100,000 according to IntoTheBlock, often serve as a proxy for whales' actions. A rise in this statistic could be the result of a significant amount of buying or selling by this group of holders.
Whales, or large holders, frequently take advantage of market losses or periods of consolidation to accumulate more assets at a discount.
At the time of writing, several cryptocurrencies were experiencing losses as a result of the most recent market selling wave.
Cardano (ADA) was down 3.52% in the last 24 hours at $0.324, per CoinMarketCap data.
According to WhaleStats, Cardano ranked among the most purchased assets for the biggest BSC whales in the last 24 hours.
DefiLlama data shows that Cardano's DeFi ecosystem has seen considerable inflows as TVL, or total value locked, reaches fresh highs of 403.91 million ADA. Cardano's TVL equates to $131.49 million in dollar value, and Minswap DEX, with the largest dominance, accounts for over 33.32% of this TVL.