Recently shared chart shows that amount of whales on Cardano has surged 1.7% this month
According to a table Provided by on-chain data aggregator Santiment, the Cardano network has seen an influx of large investors (known as whales). The increase in whale addresses has been 1.7% since March 21.
Whales are stocking up on ADA
According to the tweet shared by Ali Martinez with the Santiment chart, over the past nine days, approximately 42 new wallets have emerged on Cardano. These addresses are holding between 1 million and 10 million ADA coins. In fiat, that is between $1.2 million and $12 million.
The chart shows that a massive drop in the number of whale addresses was seen in February this year, when ADA traded in the $0.9 area.
Now, the curve of these wallets’ inflows has gone sharply upward, while ADA is exchanging hands at $1.20, showing a weekly rise of 23.10%.
ADA faces an influx of funds from institutions
On March 29, IntoTheBlock shared that the Cardano chain had seen greater demand from financial institutions than usual.
The volume of on-chain ADA transfers carrying more than $100,000 worth of ADA has seen a 50x rise this year so far. On March 28, a cumulative 69.09 billion ADA coins were transferred as part of those transactions, and those fund movements marked 99% of the overall ADA volume moved on-chain.
This increase in demand on the Cardano network was most likely caused by the overall expansion of the network and the fact that the amount of total value locked on it exceeded $300 billion in ADA.
Meanwhile, the market capitalization of the coin has exceeded $40 billion, and the price has hit a two-month high.
