ADA floats near $1 mark, IOHK recounts progress on Cardano ecosystem
Cardano’s parent company, IOHK, recounts the progress made in the Cardano ecosystem in the past 10 days. The ADA price is floating near the $1 mark after subsequently declining from the $1.64 high attained on Jan. 18.
In a thread of tweets, IOHK provided an update on construction project news and announcements on Cardano. The update covers Atomic Exchange, ADAX Pro, MinSwap DEX, Muesliswap, Flint Wallet and others that reached important milestones in the previous week. The launch of a Cardano-based NFT game engine was also a highlight of the previous week.
Cardano’s SundaeSwap DEX also marked its first week of operation, in which it recorded $71.69 million TVL (total value locked) and more than 300 active trading pools on the exchange, as stated in a recent release.
Whales keep piling up
ADA, the native asset of Cardano, is down more than 3.16% in the past 24 hours, according to CoinMarketCap. At press time, ADA was changing hands at $1.02, down 66.96% from its all-time high of $3.10 reached in September 2021. Similarly, Cardano also appears to have pared losses by Bitcoin facing continued market uncertainty. The latter remains down 45.89% from all-time highs of $69,000 at current prices.
Despite the lull in price action, Cardano whales seem to be accumulating on the dip. As reported earlier by U.Today, Cardano whales have been actively accumulating since the massive price drop on the market was initiated on Jan. 17. Large holders, or whales, take advantage of periods of dip or macro consolidation to accumulate their favorite tokens.
String data of Saniment suggests that large Cardano addresses holding between 10,000 and 1 million ADA increased their positions by 113%, more than doubling their holdings by accumulating $53.6 million in tokens.
Cardano has a positive increase in net network growth signals as active users increase, according to data from IntoTheBlock analytics. IntoTheBlock’s net network growth provides a picture of both user engagement and growth.
