Cardano Whales Become Active as Price Attempts Rebound: Details

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.

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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.

Related:  Crypto News Digest 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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