According to the data recently provided by the on-chain data aggregator, Santiment, there has been an influx of crypto whales into the Cardano network. Whales’ addresses on Cardano have been notably increasing since 21st March.
About 42 New Cardano Whales Emerge Within 9 Days
In a tweet on 29th March, an on-chain analyst Ali Martinez shared a Santiment chart, which shows that about 42 new whale wallets emerged on the Cardano network within the last nine days.
Read Also: Charles Hoskinson Says Milkomeda C1 Launch Is Huge For Cardano. Here’s Why It Is Important
Martinez pointed out that these addresses are currently holding between 1 million and 10 million ADA tokens. In fiat at current prices, the figures represent $1.2 million and $12 million, respectively.
The chart shared by the analyst shows that the number of whale addresses experienced a notable drop in February 2022, when the price of the digital token ADA was trading around $0.9.
However, whales are currently accumulating ADA as shown on the chart. The increase in the number of ADA whales can simply be attributed to the current positive price trend in the market.
Ali Martinez tweeted, “The number of whales on the Cardano network has increased by 1.7%. Roughly 42 addresses holding 1,000,000 to 10,000,000 ADA were created since Mar. 21. The uptick may seem insignificant at first glance, but these whales hold between $1.2 million and $12 million in ADA.”
The number of whales on the #Cardano network has increased by 1.7%. Roughly 42 addresses holding 1,000,000 to 10,000,000 $ADA were created since Mar. 21.
The uptick may seem insignificant at first glance, but these whales hold between $1.2 million and $12 million in #ADA. pic.twitter.com/ELUsppKhCl
— Ali Martinez (@ali_charts) March 29, 2022
Read Also: Grayscale Launches Smart Contracts Platform Fund for Cardano, Solana, Polkadot, Avalanche, Stellar
Cardano Experiencing Increasing Institutional Demand
According to the data shared in a tweet by IntoTheBlock, Cardano (ADA) is currently experiencing an increase in institutional demand.
The data shows that in 2022, the volume of on-chain transactions of over $100,000 worth of ADA has increased by 50x. The firm revealed that a total of 69.09 billion ADA were moved in these transactions.
IntoTheBlock tweeted, “Cardano is experiencing increasing institutional demand. The volume of on-chain transactions >$100k has increased by 50x just in 2022 Yesterday, a total of 69.09b $ADA were moved in these large transactions, representing 99% of the total on-chain volume.”
@Cardano is experiencing increasing institutional demand
The volume of on-chain transactions >$100k has increased by 50x just in 2022
Yesterday, a total of 69.09b $ADA were moved in these large transactions, representing 99% of the total on-chain volumehttps://t.co/8ME8STvRSF pic.twitter.com/aqH7hYIPiV
— IntoTheBlock (@intotheblock) March 29, 2022
Follow us on Twitter, Facebook, Telegram, and Google News
