Cardano Whales Are insane right now As ADA Transactions hits rooftop

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By Degen Lipsa

The weekend was spent without a single break for the Cardano whales. Key figures show that it is booming, with the number of transactions on the network continuing to soar.

This development can be attributed to active ADA whales, who make up the “big hands” in the market and have mostly been responsible for the rise in massive transactions. An analyst in the cryptocurrency market highlighted whale movements on Twitter. He mentioned in his tweet how whale transactions have increased recently.

According to the analyst’s statistics, the quantity of significant transactions on the network exceeded 3,000 last week. Around this period, ADA transactions on the Cardano network that were worth above $100,000 increased.

Although a subsequent small decline was seen, an upward corrective that followed saw transactions soar to new heights in April. Large transactions reached 4,000 on April 1. Whales persevered through the rocky ride, and on April 11th, transactions were close to 5,000 and are currently approaching those levels.

“Large ADA transactions are on the rise, suggesting that Cardano network activity is heating up as institutional players and whales make their moves.This is a bullish sign supporting the ADA uptrend!” The analyst wrote.

According to the researcher, the current development may be related to the market’s institutional players’ increasing interest in Cardano. Notably, the largest digital currency asset management in the world, Grayscale Investments, rebalanced its funds in the first quarter of 2023.

Cardano is now at 28.31% in the most recent fund component weightings. The component weightings for ADA have increased from the previous year.

Exposure to institutional players may rise as a result of Grayscale’s substantial position in Cardano in its Smart Contract Platform Ex-Ethereum Fund (GSCPxE Fund).

Cardano (ADA) has had a commendable run over the past month, in contrast. The asset is one of a select few with monthly gains above 10%. With monthly gains reaching 17%, Cardano (ADA) has managed to outperform Bitcoin (BTC) and Ethereum (ETH), ranking second only to Solana (SOL) in terms of performance.

Cardano (ADA) was just forced into the danger zone, however gains over the previous 72 hours are still at 3.44% as of the time of this post. At the time of publication, Cardano (ADA) was trading for $0.38.

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