Cardano Whale bought 200 million ADA coins in the last 5 weeks

Whales dominate the crypto market. These are accounts that hold large amounts of crypto or buy and sell them. Even after the huge fall in the crypto market at the beginning of the year, whale activity in the market does not seem to be decreasing. The latest data from a crypto analytic platform shows that Cardano (ADA) whales have made nearly 200 million ADA purchases in the past few weeks.

According to crypto analytic platform Santiment, a group of some Cardano whale addresses holding between 1 million and 10 million ADA has increased their holdings to 200 million ADA in the past five weeks, while Cardano is currently trading at its lowest price in 15 months. Happening. As of writing the news, according to Gadgets 360 Crypto Price Tracker Cardano The price in India was around Rs 64.

of sentiment data Shows that whales dumped their ADA coins in large quantities until a few months ago. This massive dumping of coins has reduced the price of the ninth-largest cryptocurrency by 75% since its peak in September 2021. An increase in buying pressure could inevitably mean that whales are eyeing a possible recovery in the near future.

of cryptopotato Report says Cardano achieved significant network activity in the first quarter of the year. The Large Transaction Volume (LTV) on the blockchain has indicated an increase in institutional demand.

IntoTheBlock, another analytic platform, reported in late March that LTV on Cardano has grown from 1.35 billion ADA per day to 69 billion ADA on Cardano since the beginning of the year, an increase of more than 50x in just three months.

The last one year saw a 216% increase in transaction volumes. However, the platform latest data shows that there has been a decline in matriculation since April.