Cardano Whales Accumulate Tokens as Price Stagnates
Cardano whales are taking advantage of the stagnant price of the cryptocurrency to acquire more tokens. A group of ADA holders with large amounts of tokens has reached their highest accumulation level in almost a year, despite the crypto-asset struggling below the $0.30 mark.
Key points:
– Whales and sharks holding between 100K-10M ADA have accumulated the most tokens since September 2022.
– Cardano’s on-chain transaction volume has been increasing consistently for the past six months.
– Despite facing legal battles with the SEC, investors remain optimistic about ADA’s price action.
– Cardano’s total value locked in DeFi has grown by nearly 10% quarter-over-quarter, surpassing $151 million.
– The platform’s average daily dapp transactions have increased by 49.0% in Q2, with the network experiencing a 2% surge in transaction activity.
Hot Take: Cardano’s Accumulation Signals Bullish Sentiment
Despite the challenges Cardano has faced, such as legal battles and a stagnant price, the accumulation of tokens by whales suggests a bullish sentiment among investors. This accumulation, coupled with the growth in on-chain transaction volume and DeFi value locked, indicates a positive outlook for Cardano’s future. As the network continues to improve and gain traction, ADA holders may see their investments pay off in the long run.
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