- Cardano transactions exceeding $100,000 on the ADA network are on the rise, signaling a spike in interest from whales and institutional investors.
- Cardano developers announced that the Ethereum-killer network is going full peer-to-peer, boosting decentralization.
- ADA price yielded nearly 8% gains for holders over the past week, with rising whale activity on the blockchain network.
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.
Dynamic #P2P networking is an important evolution for #Cardano and a further boost to the network's performance, resilience and decentralization. And it's rolling out from today...— Input Output (@InputOutputHK) March 16, 2023
Read more: https://t.co/Mxz0F9qCqS pic.twitter.com/gQF5LhhTan
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.
YTD, Cardano TVL grew 20% per month to 358m ADA. If this trend continues, it hits 1bn ADA in a year, which is $3bn if ADA goes back to all-time high. This doesn’t factor in yet to launch @axotrade, @GeniusyieldO, @TeddySwap, @yamfore, @SpectrumLabs_, new @liqwidfinance assets etc— ADA whale (@cardano_whale) March 16, 2023
The latest developments in the Cardano ecosystem, including boost in decentralization and rise in interest from institutions is bullish for ADA’s growth.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
Ethereum (ETH) holders gear up for Shanghai hard fork, will token unlock be delayed?
Ethereum network’s key upgrade, the Shanghai hard fork, is planned to go live on April 12. This is the most significant event since the altcoin’s transition to Proof-of-Stake, widely known as the Merge.
Sandbox whale moves $260m of SAND to new address on Day 2 of Metaverse Fashion Week
The Sandbox stands among the leading metaverse platforms, boasting commendable price performance in 2023, having risen almost 70% year-to-date. The metaverse project has also scored notable high-profile partnerships.
This is how bearish whales threaten MATIC’s bullish potential, is a 10% plunge underway?
Polygon MATIC price is trading with a bearish bias in lower timeframes, but bulls are leading in the higher timeframes. The network has recorded strong retail demand and market reaction following the Polygon zkEVM product launch.
Shiba Inu could rise 15% by the end of the week, here’s why
Shiba Inu price has recovered from a massive sell-off earlier in the week. The revival comes as SHIB takes advantage of the broader rally in the crypto industry, with Bitcoin (BTC) steadily peeling off its losses by rising 5.33% in the last 24 hours.
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?
Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.