Main navigation

Cardano Whales Increase Large Transactions by 213% as Price Declines: Details

Sat, 03/12/2022 - 14:30
article image
Tomiwabold Olajide
Cardano network hints at significant development
Cardano Whales Increase Large Transactions by 213% as Price Declines: Details
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Per IntoTheBlock data, Cardano whales have become more active in the previous 24 hours, with a 213% increase in large transactions. Large transaction spikes are frequently associated with increased activity from institutional players, or whales, who are either buying or selling. These transactions exceed $100,000 moved, according to IntoTheBlock.

The ADA price is now attempting to recover after plunging to lows at $0.78 on March 11. At the time of publication, ADA was trading at $0.792 as per CoinMarketCap data. Cardano remains down 74.35% from all-time highs of near $3 reached in September 2021.

Large investors, known as whales, appear to be bargain hunting as the Cardano network hints at significant development. It might be worth noting that every market cycle has an accumulation phase, during which prices flatten and contrarian investors see an opportunity to buy at a discount.

When this market cycle is finished, the next one, the "Mark-Up Phase," begins. This refers to a phase in which the market has been stable for a while and is beginning to move higher.

Positive developments

Bitrue (BTR), a cryptocurrency exchange, has announced yet another significant addition to its trading pairs based on Cardano (ADA). Bitrue's spot trading ecosystem has launched six additional pairs using Cardano's token, ADA, according to the official announcement shared on Bitrue's social media channels.

Large Transaction, Courtesy: IntoTheBlock

According to DefiLlama, the Cardano network has seen a rapid increase in total value locked (TVL) with the debut of Minswap DEX and a rising number of decentralized products.

The overall value of the Cardano network (including staked governance tokens) has risen rapidly from around $199.74 million to $262 million.

From March 1 to March 12, there was a significant increase in the total value of funds locked in the network's smart contract, drawing about $62 million more. However, without the inclusion of staked governance assets, Cardano's blockchain TVL was around $174.65 million.

article image
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.