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Jafrin Ahmed
Mar 30, 2022
by Jafrin Ahmed

Cardano (ADA) Network Sees Uptick in New Whales Since March

Cardano
The number of whale wallets on the Cardano network has surged by 1.7% in the last eight days on-chain data reveals.

Cardano Network Sees New Whale Wallets

Crypto technical analyst, Ali Martinez, citing a chart from on-chain data aggregator Santiment highlighted that roughly 42 addresses holding 1 million to 10 million ADA worth about $1.2 million and $12 million were created since March 21. The increase of whale addresses also led to a surge of 1.7% since March 21.

“The uptick may seem insignificant at first glance, but these whales hold between $1.2 million and $12 million in ADA,” Ali wrote in his tweet.

A day earlier, crypto analytics platform IntoTheBlock revealed that the Cardano network is currently experiencing greater demand from institutions. Data shows that ADA transfers carrying more than $100,000 worth of ADA have increased 50 fold in 2022 alone.

Infact, on March 28, a total of 69.09 billion ADA were transferred in these transactions, marking 99% of the overall ADA volume.

ADA has been on a bullish streak. In the past seven days, ADA has been up 22% and currently trades at $1.19, ranking as the seventh-largest crypto by market cap, ahead of Terra (LUNA) and Solana (SOL).

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Cardano (ADA) Network Sees Uptick in New Whales Since March
Jafrin Ahmed
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

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