Whales Hunt Cardano, Scooping ADA Tokens amid Market Bloodshed

  • Figures from crypto intelligence company, IntoTheBlock, show whale investors accumulated 12 Billion ADA tokens.
  • Cardano network saw its TVL surging $50 million amid increasing activity on DEXs.
  • Experts predict a massive move in ADA price as the alt approaches a decision level.

Proponents have observed whale investors accumulating the ETH-killer Cardano amid cryptocurrency market bloodbath. Remember, the crypto space saw declines recently due to the ongoing war between Ukraine and Russia. Decentralized finance protocols on the Cardano blockchain record swift growth, driving TVL higher.

Analysts Remain Bearish on ADA despite Platform Growth

Large wallet traders hunt alternative coins to scoop amid downswings within the cryptocurrency industry. Bargain investors accumulated ADA massively as the alt saw downtrends, offering discounted prices.

Large wallets with between 1M and 10M Cardano tokens saw a 41% surge since 2022 January. Blockchain analytics by a cryptocurrency intelligence company IntoTheBlock shows whale investors accumulated 12B ADA tokens, worth about $9.48 billion.

Investors locked more than 70% of the stashed coins on DEXs like SundaeSwap on the ADA ecosystem. Wealth investors accumulating ADA makes the token promising for long-term holders, without or with ‘smart’ contracts on the platform. Meanwhile, DEXs on the Cardano platform raised capital from vital players within the cryptocurrency space.

Meanwhile, the total value locked uptick on the Cardano platform supports an optimistic narrative for ADA enthusiasts. IntoTheBlock’s Lucas Outumuro stated that Cardano’s application layer sees some traction after lacking ‘smart’ contract functionalities for years.

Analysts evaluated ADA’s price actions and noted the alt neared a decisive level. The altcoin might welcome a massive move soon, ending Cardano’s consolidation phase. FXStreet experts trust ADA price might plummet towards $0.35.

Moreover, the Composite Index registered a record low recently. However, the optimistic divergence on ADA’s monthly chart had analysts predicting an imminent reversal.

Large wallets interested in Cardano mean a lucrative future for the alternative coin. Though ADA sees bearish movements, analysts believe the alt will record massive upswings as it approaches a decision area. Furthermore, Cardano blockchain attracted many in the crypto space. For instance, its total value locked gained $50 million.

Stay around for more developments in the financial industry.