Cardano whales are seizing the opportunity of price inaction to rake in more tokens. One particular cohort of ADA holders has accumulated back to their highest level not seen in nearly a year as the current value of the crypto-asset struggles below the $0.30 level.
According to the crypto-analytic platform, Santiment, whales and sharks holding between 100K-10M ADA have accumulated back to their highest level since September 2022. It was also observed that Cardano’s on-chain transaction volume was rising nearly every week for the past six months.
- ADA’s performance, so far, has been underwhelming. The crypto being dragged into court battles by the Security and Exchange Commission (SEC) further reversed any potential upside moves.
- However, the continued accumulation depicts that investors are bullish about ADA’s price action even as it was trapped within the range of $0.35-$0.26 for the past several weeks.
- On the DeFi side of things, Cardano registered notable growth with its total value locked (TVL) rising by nearly 10% quarter-over-quarter and climbing beyond $151 million.
- The layer-1 smart contract platform’s year-to-date TVL also surged by almost 200%, propelling it from the 34th to the 21st position among all networks in 2023.
- Cardano’s average daily dapp transactions also increased by 49.0% increase from the previous quarter in Q2, retaining an average of 57,900 daily transactions, according to Messari’s report titled ‘State of Cardano.’
- The transaction activity on the network also surged during the period by approximately 2% QoQ from 67,500 to 68,800.
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