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Cardano Whales Become Active as Price Attempts Rebound: Details

Wed, 03/09/2022 - 15:41
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Tomiwabold Olajide
Cardano whales have become more active over the last 24 hours
Cardano Whales Become Active as Price Attempts Rebound: Details
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As per IntoTheBlock data, Cardano whales have become more active over the last 24 hours as the number of large transactions rose by 4%. Spikes in large transactions often point to high activity among institutional players or whales, who are either buying or selling. After falling to lows near $0.77 on March 7, the ADA price is now attempting to recover. According to CoinMarketCap data, ADA was trading at $0.842 at press time, up 5.39%.

Large Transactions, Image Credit: IntoTheBlock

Large transactions are those in which the amount transferred exceeds $100,000, according to IntoTheBlock. A large transaction volume gives an idea of the total amount transacted by whales and institutional players on a given day. As the Cardano network hints at significant growth, large investors, known as whales, appear to be bargain-hunting.

According to data provided by on-chain analytics firm IntoTheBlock, the amount held by addresses with 1 million to 10 million coins surged to a record 12.47 billion ADA in the past week, as previously reported by U.Today.

According to DefiLlama, the total value locked in the Cardano network has climbed dramatically, reaching a new high of $173.29 million. SundaeSwap, a decentralized exchange (DEX), holds more than 70% of the funds.

Positive developments

Cardano-based DEX AdaSwap recently announced a $2.6 million fundraising effort led by venture capital firm iAngels and several other investors, including ''Wonderwoman'' star Gal Gadot.

Top cryptocurrency Bitrue disclosed that it has invested in the Cardano-based DEX Wing Riders to support its development.

Bitrue says it contributed to the Cardano DEX's private funding round through its $50,000,000 investment fund along with several other notable investment companies: Animoca Brands, MatrixPort, Spark Digital Capital and Double Peak.

Multi-pool decentralized exchange Minswap announced its debut on the Cardano mainnet earlier today. Users are now able to deposit liquidity in exchange for rewards and to swap tokens in a decentralized way. Yield farming will become available on the exchange starting from March 14.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.