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.
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.
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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.”
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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.”
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