Whales pursue Ethereum-killer Cardano, scoop ADA in crypto market carnage

1 min

Whales pursue Ethereum-killer Cardano

According to statistics obtained from crypto intelligence service IntoTheBlock, large wallet investors have purchased 12 billion Cardano tokens. The Cardano network saw a $50 million increase in total value locked on the blockchain with increased activity on decentralized exchanges.

According to analysts’ reports, Cardano’s price is poised to skyrocket as the altcoin approaches a critical juncture.  As cryptocurrencies suffer a price decrease in the crypto market war, proponents have made discoveries of major wallet investors bargain-hunting Ethereum killer Cardano. DeFi protocols are rapidly growing on the Cardano network, resulting in a bigger total value locked.

Analysts seem pessimistic on Cardano despite network expansion During what appeared to be the crypto market’s massacre, large wallet investors sought out altcoins to accumulate. As the Ethereum-killer Cardano grew in popularity, bargain hunters all over began to collect it.

Since January 2022, whale wallets holding 1 million to 10 million ADA tokens have seen a 41% increase. Large wallet investors have acquired 12 billion ADA, worth $9.48 billion, according to reports from blockchain analytics from crypto intelligence firm IntoTheBlock.

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On the Cardano network, you’ll notice that almost 70% of collected ADA tokens are locked on decentralized exchanges like SundaeSwap.

Cardano’s accumulation by large wallet investors makes it attractive for traders to keep the cryptocurrency for years, even minus smart contracts on the network. Some of the key actors in the crypto sector have invested in decentralized exchanges on Cardano’s network.

The increase in total value locked on the Cardano network fuels an optimistic narrative for investors. In a recent report, Lucas Outumuro, IntoTheBlock’s head of research, was quoted saying, “After years of lacking smart contract capabilities, Cardano is starting to show some traction in its application layer.”

Based on an analysis made by experts on the evaluation of Cardano’s price, this altcoin has now reached a decision point. There are huge expectations that Cardano is expected to come to an end soon with a massive move.

According to FXStreet analysts, Cardano’s price might fall below $0.35. The composite index has hit a new low; analysts believe a reversal is looming or on the way despite a strong divergence on the Cardano monthly chart.

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