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Cardano's ADA Sees Massive Accumulation by Large Whales

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Tue, 7/11/2023 - 16:15
Cardano's ADA Sees Massive Accumulation by Large Whales
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ADA, Cardano's native token, has experienced a notable uptick in investment from heavyweight investors, according to data from analytics firm IntoTheBlock.

Notably, this accumulation occurred within the $0.249 to $0.271 price range, marking an infusion of over $600 million into ADA at its current valuation.

Recent changes in ownership

An in-depth analysis of ADA's ownership distribution presents a nuanced view of market dynamics. 

Small-scale holders with 0-100 ADA represent around 179,460 addresses, experiencing a marginal 30-day decrease of 0.15%. 

On the other end of the spectrum, addresses holding between 100,000 and 1,000,000 ADA saw growth of 0.87%, and those with 10,000-100,000 ADA increased by 0.81%.

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Remarkably, the count of addresses with holdings valued over $10 million soared by 138.89%. This indicates a bullish outlook among the most affluent investors in the Cardano ecosystem.

Surging Cardano DeFi

Cardano is steadily advancing toward becoming one of the top 10 cryptocurrency chains by total value locked (TVL), a crucial metric for the vibrancy of its DeFi sector. 

Currently, Cardano boasts a TVL of $245.45 million, marking a substantial 53.22% hike in one month. As reported by U.Today, this spike signifies burgeoning investor interest in alternatives to dominant chains like Ethereum. 

The blockchain's ascent, outpacing Bitcoin's TVL of $238.75 million, may signal an upcoming reshuffling of the DeFi hierarchy.

Amid this flurry of investment activity, ADA's price has remained relatively stable, with a minor 24-hour decrease of 2.5%. It is now trading at $0.344298. The cryptocurrency's market cap stands robustly at $12 billion.

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