- On February 3, 2023, the network had 105 transactions of over $100,000.
- DeFi TVL on Cardano on January 1, 2023, was $48.95 million and recently was $105.61 million.
The buzz around it increases whenever whales perform a move on a coin or token. According to data analyst Santiment, whales in Cardano ADA made significant transactions in 2023. February 3, 2023, data shows the network managed 105 transactions of over $100,000. These are the highest number since FTX collapsed.
Possible Implications
As per Samtiment, the increased whale action is generally followed by a rally and could be considered an indication of “upcoming price shifts.” when the last time there were similar whale movements in May 2022, ADA’s value jumped by 36%. Coincidently this year, history repeated itself, and a rise of 59% was noted.
At the time of writing, ADA was trading at $0.3859 with a drop of 3.26%; its value against Bitcoin saw a correction of 1.21% to 0.000017 BTC. The market cap also dropped by 3.27% to be at $13.3 billion. At the same time, its volume suffered by 5.13%, at $374 million in the last 24 hours. Being ranked at 8, the coin shares a market dominance of 1.26%.
Total Value Locked on Cardano DeFi
The total value of assets locked (TVL) on the Cardano ecosystem showed a rise of more than double in 2023 so far. Data shows that on January 1, 2023, the value was $48.95 million, but current data at the time of writing was $105.61 million.
The rise in TVL is in accordance with the launch of Djed, Cardano’s overcollateralized stablecoin. After the launch, TVL of the stablecoin went over $10 million in just 24 hours. The network also saw an addition of 70 million newer ADA tokens in the past seven days, and Djed’s contribution was nearly 30 million in the grand total.
Cardano ADA – Analysis
The current price at the time of writing was $0.3859, which is 87.51% down from its all-time high of $3.10 achieved on September 02, 2021, and 2131.23% up from its all-time low of $0.01735 ADA hit on October 1, 2017. At the same time, the current ROI of the coin is positive, 1686.20%.
A clear breakthrough of the downward-sloping trend line indicates a bullish trend. Until the price does not drop below $0.3472, there are chances for upward momentum. However, if the movement would be clear or not is debatable. The current action is a bullish run and would be consolidating in the region for some time before deciding a direction.
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/02/09/cardano-ada-whales-transactions-increased-defi-tvl-doubles/