Cardano Whale Transactions on the Rise As the Ethereum Competitor Continues To Dominate Development Activity
Whale-sized transactions of the leading Ethereum (ETH)-competing blockchain Cardano (ADA) are on the rise, according to a popular crypto analyst.
Ali Martinez tells their 21,600 Twitter followers that Cardano transactions exceeding $100,000 are increasing, which “indicates institutional investors’ and ADA whales’ increasing engagement.”
“The volume of large ADA transactions exceeding $100,000 on the Cardano network is on the rise!
This trend indicates institutional investors’ and ADA whales’ increasing engagement, shedding light on their investment strategies.”
ADA is worth $0.324 at time of writing. Cardano is up 0.28% in the past 24 hours and nearly 5% in the past week. The seventh-ranked crypto asset by market cap is also up nearly 30% since the start of 2023.
Despite the price recovery this year, ADA remains more than 89.5% down from its all-time high of $3.09, which it hit in September 2021.
In addition to increasing whale transactions, Cardano also tops the charts in terms of weekly development activity on the development hosting platform GitHub.
The pseudonymous crypto analyst Bagsy shared a chart earlier this week through the Twitter account ProofofGitHub that indicated Cardano was leading all other crypto projects in that regard.
ProofofGitHub is powered by the crypto analytics firm Santiment.
Santiment has said that a high amount of development activity happening in a blockchain ecosystem can signal that people believe in its future.
Interoperability blockchain Polkadot (DOT) and its sandbox Kusama (KSM) tied for second in terms of weekly GitHub development activity, according to ProofofGitHub. Ethereum placed third.
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This article was originally reported on The Daily Hodl.