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Cryptocurrency players concentrate on Cardano as the overall market exhibits a consolidating mode. On-chain data shows the 8th largest digital coin could witness massive momentum soon as sharks and whales load their bags.

Analytic platform Santiment revealed that players with 100K – 10 million ADA tokens are accumulating again. The category now holds the most Cardano coins since September 2022.

🐳🧐 As #Cardano sits just above $0.29, whales and sharks holding between 100K-10M $ADA have accumulated back to their highest level since September, 2022. Additionally, #onchain transaction volume has been rising nearly every week for the past 6 months. https://t.co/x9mUHDIhnx pic.twitter.com/X9WphDpPvy

Accumulation by dip-pocketed crypto investors indicate potential price upticks in the upcoming sessions. Moreover, activity on the blockchain has been soaring nearly every week over the past six months.

Messari published the State of Cardano Q2 2023 report, confirming a healthy blockchain network. Cardano’s daily transactions increased by 49% quarter-over-quarter. Further, the altcoin climbed to 21st from 34th in total value-locked ranking as its TVL soared by 9.7% Q/Q and 198.6% year-to-date.

Moreover, the report confirmed amplified blockchain activity during Q2. Messari added that the ratio between transactions and active wallets grew steadily within the last five quarters, suggesting heightened user undertakings. Q2’s transaction-active address ratio increased by 13.2% year-over-year and 6.1% QoQ to 1.19.

Messari’s report indicated that decentralized exchange (DEX) Minswap grew substantially during the second quarter. The automated market maker emerged as the most popular Cardano decentralized application by transactions, surpassing 1 million monthly transfers in May and June.

The 167.5% QoQ increase saw Miniswap outshining the renowned NFT marketplace jpg.store in Dapp transactions. That indicated increased DeFi activity as the non-fungible token sector struggled. Minswap dominates liquidity in Cardano decentralized finance, concluding the second quarter with $48.8 million in TVL and 32.2% dominance.

The post Cardano (ADA) whale accumulation hits 1-year high following heightened activity appeared first on Invezz.

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