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Crypto trader and analyst Ali Martinez has taken to Twitter to share that Cardano whales have shown a rise in purchases lately as they acquired more than a hundred million ADA, according to data from IntoTheBlock.
In the meantime, ADA has been showing positive price performance. Over the past week, ADA has risen by over 13%, also showing a 3.50% surge over the past 24 hours.
#Cardano whales holding 1 million to 10 million $ADA have bought roughly 150 million #ADA over the past month, worth $57 million, shows on-chain data from @intotheblock. pic.twitter.com/2ot5U7pUzY
— Ali (@ali_charts) April 3, 2023
Whales are stocking up on ADA
In total, these whales have added approximately 150 million ADA tokens to their stashes over the past month. Their ADA holdings have now risen from 5.2 billion ADA to roughly 5.3 billion, according to the chart.
As reported by U.Today, roughly a week ago, a massive spike in transaction activity on the Cardano network was noticed. An astounding 204 billion of ADA tokens were transferred back then. A major reason for that could be an increase in the adoption of smart contracts on the largest proof-of-stake blockchain. While more and more projects are joining in and starting to build on Cardano, the demand for ADA tokens is going up significantly on a steady basis.
However, another reason for the transfer of the mentioned staggering ADA amount was investors locking in their profits after months of lukewarm ADA price performance.
Cardano ecosystem keeps expanding
A few days ago, founder of Cardano Charles Hoskinson tweeted to complement on the fast expansion of the network. In his tweet, Hoskinson shared that at the moment there are 1,221 projects being created on Cardano, and 119 have already been launched. Also, he stated that there are 8.06 million native tokens on the network, and the present transaction count stands at 63.9 million.
More good news is that the Layer 2 solution on Cardano, called Hydra, has been tested recently before the release on the mainnet. Among the goals of Hydra is to increase the overall throughput and bring down the costs of transactions on the network.
Alex Dovbnya
Tomiwabold Olajide
