• Cardano whales are accumulating heavily below $0.30 as DeFi activity on the network is increasing.
• It was observed that ADA holders holding between 100K-10M have accumulated back to their highest level since September 2022.
• On the DeFi side, Cardano’s total value locked (TVL) has surged by almost 200%, propelling it from 34th to 21st position among all networks in 2023.
Cardano Whales Accumulate Heavily
Cardano whales are taking advantage of the crypto-asset’s price inaction and accumulating their tokens below $0.30. A cohort of ADA holders has returned to its highest level not seen since September 2022, according to crypto-analytic platform Santiment. Additionally, Cardano’s on-chain transaction volume has been growing over the past six months.
DeFi Activity Grows on Cardano Network
Despite ADA’s recent performance being underwhelming and dragging into court battles with SEC, investors remain bullish about its price action as it remains trapped within the range of $0.35-$0.26 for several weeks now. On the DeFi side of things, Cardano’s total value locked (TVL) has grown by 10% quarter-over-quarter and beyond $151 million year-to-date, which propelled it from 34th to 21st position among all networks in 2023. Additionally, average daily dapp transactions also increased by 49% from Q2 2021 to Q2 2023.
Bullishness Remains Despite Price Action
Cardano whales’ continued accumulation despite its price action indicates that they believe ADA will eventually rise again soon enough and profits can be made from this opportunity in the meantime – a strategy that is proving effective so far due to Cardano’s overall growth on the DeFi sector and other related metrics such as TVL and DApp transactions increasing significantly over time despite its current market value struggling below $0.30 at present time..
SEC Court Battles Weigh Down ADA
The Securities & Exchange Commission (SEC) filing lawsuits against cryptocurrency companies such as Ripple Labs Inc., Telegram Group Inc., Block One Capital Inc., Kik Interactive Inc., and many more weighed down on Cardano’s prices significantly reversing any potential upside moves before taking full effect on them recently after these cases were filed against them earlier last year..
Overall, despite Cardanos current market struggles below $0.30 there is still a strong amount of bullishness amongst investors surrounding this cryptocurrency asset due to its recent growth in metrics such as Total Value Locked (TVL), DApp Transactions increasing significantly over time ,and ongoing accumulation of tokens among whales indicating greater profits may be possible in future times if prices do indeed rise again soon enough .