Cardano Whales on Buying Spree

Institutional investors and Cardano whales have been adding huge quantities of ADA to their portfolios, according to on-chain statistics.

After ADA returned $1 as support, institutional interest in Cardano looks to be increasing.

On the Cardano network, IntoTheBlock has detected a large rise in on-chain activity. Since the beginning of the year, the number of major transactions worth more than $100,000 has increased by more than 5,000%, according to the blockchain and cryptocurrency market intelligence website.

On Mar. 28, a total of 69.09 billion ADA were traded, accounting for 99% of the entire on-chain volume. Such market behavior may indicate the activities of institutional investors and whales, indicating how they may be investing and positioning themselves. 

Similar network behavior was picked up by Santiment. The number of whales on the Cardano network increased by 1.7%, according to the behavioral analytics platform. Since March 21, around 42 addresses containing 1,000,000 to 10,000,000 ADA have been generated.

At first look, an increase in the number of prominent investors backing Cardano may appear minor. When you consider that these whales have anything from $1.2 million to $12 million in ADA, the sudden increase in purchasing pressure can amount to millions of dollars.

Cardano prices have reclaimed the crucial $1 level as support as a result of increased interest in the cryptocurrency. The next barrier to surpass, according to transaction data, is $1.36, where more than 690,000 addresses have already acquired approximately 6.41 billion ADA. Breaking over this supply barrier might propel the so-called “Ethereum killer” above $2.

It’s worth mentioning that whales have been able to create a powerful support floor at $1 since they’ve been expanding their holdings over the last several weeks. This demand barrier may prevent Cardano from suffering major losses until a black swan event occurs.

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Patrick

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