Despite the crypto market crash- Cardano holders grew by 32%

• The number of addresses holding Cardano ($ADA) for the long term increased by 32.1 percent last month to 408,000.

• Total Value Locked (TVL) for Cardano (ADA) has reached $170.63 million.

After expanding by 10.9 percent in January and 5.78 percent in December, the number of addresses holding Cardano ($ADA) for the long term increased by 32.1 percent last month to 408,000, indicating that HODLers are continuing to accumulate the cryptocurrency.

A good sign to invest now?

According to CryptoCompare’s latest Asset Report, the number of addresses owning ADA increased 5.9% to a new all-time high in February, owing to an increase in long-term holders and a 13.4% increase in cruisers, who increased to 3.62 million addresses. The network’s total number of dealers fell by 25.2 percent to 770,000.

However, the number of monthly transactions on the Cardano blockchain declined 28 percent to 2.73 million last month, according to the research, as the “excitement of the introduction of SundaeSwap fades” and the macroeconomic climate remains unpredictable.

Whales getting ready for the wave

As previously reported, whales on the cryptocurrency’s blockchain have been on a purchasing binge, increasing their holdings by more than 40% so far this year. Cardano is designed for investors who have between a million and ten million dollars in their bank accounts. The balance of ADA has reached a record high of 12 billion ADA, or approximately $10 billion.

The cryptocurrency failed to retest its 50-day moving average in February, and it remains below its 200-day moving average, which has been functioning as a critical resistance mark since the second half of 2021, according to CryptoCompare’s research.

Last month, Bitrue, a Singapore-based cryptocurrency exchange, announced the inclusion of ADA as a base currency on its exchange, as well as the launch of nine new trading pairs.

Current statics of Cardano

Total Value Locked (TVL) for Cardano (ADA) has reached $170.63 million.

The Cardano network just reached another significant milestone in terms of total value locked, according to statistics published by Defi LIama, a decentralized finance on-chain data analysis tool (TVL).

According to the statistics supplied, Cardano (ADA) has set a new all-time high of $170.63 million across all decentralized exchanges at the time of publication (DEXs). This is an addition of nearly $33 million in less than seven days.

The data also suggests that the decentralized exchange SundaeSwap has lost roughly 16 percent dominance compared to the past seven days.

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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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