Will Cardano network activity by ADA whales fuel a price rally in the Ethereum-killer?

Cardano hit an important milestone in its developmental journey going full peer-to-peer with node 1.35.6. Developers called all Staking Pool Operators (SPOs) to get on the testnet and test the speed and efficiency of the Ethereum-killer blockchain network. 

ADA’s rising popularity among institutional investors and large wallet holders could emerge as one of the drivers of the altcoin’s price rally. 

Also read: SEC’s Gary Gensler wants Proof-of-Stake Ethereum to be regulated as a security, will traders turn to ETHW?

Cardano network sees spike in whale activity

Based on data from crypto intelligence tracker IntoTheBlock, the volume of large Cardano transactions exceeding $100,000 is on the rise. The trend indicates that institutional investors and Cardano whales are increasing their engagement with the Ethereum-killer token. 

Cardano network’s large volume transactions 

While a spike in whale activity is typically considered indicative of a correction in the asset’s price, large volume transactions on ADA network are accompanied by a steady increase in the asset’s price. Over the past week, ADA yielded nearly 8% gains for holders. 

Cardano hits key developmental milestone

Cardano developers at Input Output Global (IOG) announced a boost in the Ethereum-killer’s decentralization with node 1.35.6. A recent tweet by developers called all Cardano Staking Pool Operators (SPOs) to get on the testnet and test the speed and efficiency of the new developmental update. 

Going full peer-to-peer boosts the decentralization of the Cardano blockchain and increases the network’s resilience. 

Interestingly, a key growth metric supports the bullish thesis for Cardano. Total Value Locked (TVL) in Cardano climbed 20% per month Year To Date (YTD). The growing TVL doesn’t factor in projects that are lined up for launch on the ADA network. 

The latest developments in the Cardano ecosystem, including boost in decentralization and rise in interest from institutions is bullish for ADA’s growth.