Cardano whales have become more active over the last 24 hours
According to data from IntoTheBlock, Cardano whales have become more active over the past 24 hours, with the number of large transactions increasing by 4%. Large transaction spikes often indicate high activity among institutional players or whales, either buying or selling. After dropping to near $0.77 on March 7, the ADA price is now trying to recover. According to data from CoinMarketCap, ADA was trading at $0.842 at press time, up 5.39%.
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.
According to data provided by on-chain analytics firm IntoTheBlock, the amount held by addresses with 1-10 million coins hit a record high of 12.47 billion ADA last week, as previously reported 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 round 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 is said to have contributed to Cardano DEX’s private funding round through its $50,000,000 investment fund as well as several other notable investment firms: 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.
