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HomeAltcoinsCardano's ADA token reaches a new all-time high of 12 billion ADA

Cardano’s ADA token reaches a new all-time high of 12 billion ADA

Whales (meaning-large investors) have increased their Cardano ADA token holdings by more than 40% this year.

Blockchain’s decentralised finance (DeFi) protocols have grown significantly as large investors, dubbed “whales,” appear to be bargain-hunting for Cardano ADA coin. According to statistics, the amount held by addresses with 1 million to 10 million coins reached a new high of 12 billion ADA ($9.72 billion) last week, representing a 41 percent increase since late January.

According to Defi Llama, the total value locked in the Cardano network has climbed by $50 million in a week, reaching a lifetime high of $160.79 million. SundaeSwap, a decentralised exchange (DEX), holds more than 70% of the money. Cardano appears to be showing signs of promise for the future. This looks to be translating into a buildup of ADA from major participants.

Cardano DEXs have attracted financing from respected crypto investors like Three Arrows Capital. Cardano-based DEX AdaSwap announced a $2.6 million fund round last week, sponsored by venture capital company iAngels and many other investors, including actress and producer Gal Gadot and her husband Jaron Varsano.

This year, whale holdings have climbed by more than 40%. According to Outumuro, following a 70% correction, these addresses have been actively collected. This category, as well as those with more than 100 million ADA, had double-digit increases month after month.

Large investors’ new found interest might be a hint of a better future, providing the larger market regains its footing. Whale selling in early September proved to be an early warning sign of a price decline. 

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Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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