Cardano network hints at significant development
According to data from IntoTheBlock, Cardano whales have become more active over the past 24 hours, with a 213% increase in large transactions. Large transaction spikes are often associated with increased activity by institutional players, or whales, buying or selling. These transactions exceed the $100,000 moved, according to IntoTheBlock.
The ADA price is now attempting to recover after plunging to lows at $0.78 on March 11. At the time of publication, ADA was trading at $0.792 as per CoinMarketCap data. Cardano remains down 74.35% from all-time highs of near $3 reached in September 2021.
Large investors, known as whales, appear to be on the hunt for bargains as the Cardano network hints at significant development. It may be worth noting that every market cycle has an accumulation phase, during which prices flatten out and contrarian investors see an opportunity to buy low.
When this market cycle is finished, the next one, the “Mark-Up Phase,” begins. This refers to a phase in which the market has been stable for a while and is beginning to move higher.
Positive developments
Bitrue (BTR), a cryptocurrency exchange, has announced another significant addition to its Cardano (ADA) based trading pairs. Bitrue’s spot trading ecosystem has launched six additional pairs using Cardano’s token, ADA, according to the official announcement shared on Bitrue’s social media channels.
According to DefiLlama, the Cardano network has seen a rapid increase in total value locked (TVL) with the debut of Minswap DEX and a rising number of decentralized products.
The overall value of the Cardano network (including staked governance tokens) grew rapidly from around $199.74 million to $262 million.
From March 1 to March 12, there was a significant increase in the total value of funds locked in the network’s smart contract, drawing about $62 million more. However, without the inclusion of staked governance assets, Cardano’s blockchain TVL was around $174.65 million.
