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Cryptocurrency players concentrate on Cardano as the overall market exhibits a consolidating mode. On-chain data shows the 8th largest digital coin could witness massive momentum soon as sharks and whales load their bags.
Whales anticipate surges in Cardano
Analytic platform Santiment revealed that players with 100K – 10 million ADA tokens are accumulating again. The category now holds the most Cardano coins since September 2022.
Accumulation by dip-pocketed crypto investors indicate potential price upticks in the upcoming sessions. Moreover, activity on the blockchain has been soaring nearly every week over the past six months.
Cardano’s attractive Q2 report
Messari published the State of Cardano Q2 2023 report, confirming a healthy blockchain network. Cardano’s daily transactions increased by 49% quarter-over-quarter. Further, the altcoin climbed to 21st from 34th in total value-locked ranking as its TVL soared by 9.7% Q/Q and 198.6% year-to-date.
Moreover, the report confirmed amplified blockchain activity during Q2. Messari added that the ratio between transactions and active wallets grew steadily within the last five quarters, suggesting heightened user undertakings. Q2’s transaction-active address ratio increased by 13.2% year-over-year and 6.1% QoQ to 1.19.
Flourishing DeFi activity on Cardano
Messari’s report indicated that decentralized exchange (DEX) Minswap grew substantially during the second quarter. The automated market maker emerged as the most popular Cardano decentralized application by transactions, surpassing 1 million monthly transfers in May and June.
The 167.5% QoQ increase saw Miniswap outshining the renowned NFT marketplace jpg.store in Dapp transactions. That indicated increased DeFi activity as the non-fungible token sector struggled. Minswap dominates liquidity in Cardano decentralized finance, concluding the second quarter with $48.8 million in TVL and 32.2% dominance.
Cardano price outlook
Cardano has struggled alongside the broad market following multiple developments, including increased regulation. The Securities & Exchange Commission named multiple digital tokens, including Cardano, in its latest lawsuit against exchanges Coinbase and Binance.
SEC’s allegations saw platforms such as Robinhood delisting ADA pairs. That triggered bearishness in the alt space, but the digital asset marketplace battles to recover from recent dips as Bitcoin sways at $29,163.67.
ADA traded at $0.2909 at press time, exhibiting downside tendencies after losing 0.33% over the last 24 hrs and 4.67% within the previous seven days.
Nevertheless, crypto experts believe ADA will explode during the next bull market. The token looks poised for impressive rallies. It remains fascinating to witness if the altcoin can overcome $0.30 and extend the upside journey.
The post Cardano (ADA) whale accumulation hits 1-year high following heightened activity appeared first on Invezz.
