Cardano: Whale activity and booming ecosystem propel ADA
- Whale transactions on Cardano network surge, boosting ADA.
- Growing Cardano ecosystem drives TVL growth and increased fees.
Cardano [ADA] gained attention from whale investors as the number of transactions on the network increased, according to Santiment. This could have a positive impact on ADA’s prices.
In the past, such transactions led to price surges. The last time there was such a surge in whale transactions, the price of ADA rose by a staggering 36%.
Read Cardano’s [ADA] Price Prediction 2023-2024
Large addresses get closer
It’s important to note that too many large addresses in the network could end up manipulating the prices. This might harm ADA holders.
Despite this potential risk, the Cardano ecosystem continues to grow and attract more users. Cardano Daily reported that many dApps on the network witnessed a spike in activity. This interest in the ecosystem led to Cardano being able to generate more fees.
Top Gainers in Cardano Ecosystem Last 24H ??$AGIX @singularity_net $IAG @IagonOfficial $ADAX @adax_pro $RDT @ridotto_io $ADAPAD @ADAPadofficial $ORN @orion_protocol $DANA @ardanaproject $GERO @GeroWallet $OCC @OccamFi #ADA #CARDANO pic.twitter.com/gJ8txxU4Sz
— Cardano Daily (@cardano_daily) February 7, 2023
The fees generated by Cardano increased by 27.1% in the last month, according to Token Terminal.
This growth in the Cardano ecosystem has been driven by increased interest in the network from developers and investors alike. The number of active developers on the network also increased, which bodes well for the future of Cardano.
With more developers working on the network, it is likely that new and innovative applications will be built, further increasing the network’s utility and value.
How much are 1,10,100 ADA worth today?
Cardano’s DeFi angle
Besides the growing number of active developers, the TVL of Cardano also grew from $56 million to $107 million in the last month, according to DeFi Llama. This was a positive indicator of the growing demand for the network.
Overall, the growing number of whale transactions and increased activity in the Cardano ecosystem could have a positive impact on the future of ADA. However, it’s essential to be mindful of the potential risks that come with large transactions and to monitor the network closely to ensure that prices are not being manipulated.