Whales and institutions are increasingly funding Cardano

The Cardano network has recently experienced an inflow of significant investors, according to data released by on-chain monitoring firm Santiment. The number of whale addresses has climbed by 1.7 per cent since March 21.

According to Ali Martinez’s tweet, roughly 42 new “fat” wallets have been generated on Cardano in the previous nine days, based on a chart from Santiment. They contain anywhere from one to ten million ADA tokens, ranging from 1.2 million to 12 million dollars in fiat currency.

The chart demonstrates that the number of whale addresses dropped dramatically in February when the ADA was trading in the $0.9 range.

The inflow of funds from these portfolios has recently accelerated, and the ADA now costs $ 1.20. The token’s value has risen by as much as 23.1 percent in the last week.

Cardano is attracting institutional investors.

Meanwhile, the cryptocurrency news site IntoTheBlock revealed Wednesday that the Cardano blockchain had experienced higher-than-usual demand from financial institutions.

This year, the number of ADA transfers valued at more than $100,000 has surged by a factor of 50. As a result of these transactions, a total of 69.09 billion ADA coins were transferred on March 28. On the Ethereum blockchain, these funds accounted for 99 percent of the entire amount of ADA tokens that were exchanged.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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