As price hovers near 15-months low, Cardano whale addresses holding 1 million to 10 million ADA have resumed accumulating.
The change in whale sentiment comes after months of dumping ADA tokens which drove the price of the ninth-largest cryptocurrency down by 75% since its peak in September 2021 to a February low. A spike in buying pressure could essentially mean that the whales are eyeing potential recovery in the near term. This demand barrier could act as a formidable support floor at $0.8.
Cardano picked up significant network activity in the first quarter of the year. Large transaction volume on the blockchain suggested a rise in institutional demand.Since the beginning of the year, the LTV rose from 1.35 billion ADA per day to 69 billion ADA changing hands on Cardano, more than a 50x increase in just three months. This was revealed by yet another prominent analytic platform,
. In fact, a 216% hike in transaction volume was seen in the past year. However, the latest data compiled by ITB depicts that the metric has slumped since April.While active addresses have remained stagnant, the number of native tokens on the Cardano blockchain has seen a rise, according to the Cardano Blockchain Insights
. Its TVL, on the other hand, settled near $259 million after scoring a high above $434 million in March.that currently, 925 projects are being built on top of it. NFT collections dominate the chart with a massive 46.6%, while trailing behind are – NFT marketplaces, metaverse projects, DeFi, gaming, lending, DEX with 4.1%, 3.4%, 1,9%, 4.2%, 1.7%, and 3.8%, respectively.
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