• Whale transactions on Cardano network surge and boost ADA prices
• Growing Cardano ecosystem drives up TVL growth and fees
• Large transactions in the network may manipulate prices, but developers are driving innovation
Whale Transactions Push Cardano [ADA] Prices Up
Cardano’s whale investors have been active as of late, with more transactions taking place on the network. According to Santiment, this had a positive effect on the price of ADA and last time this happened it was able to skyrocket by 36%.
Growing Cardano Ecosystem Driving Value
The growing interest in the Cardano platform has led to an increase in activity from developers, resulting in more fees being generated for the network. Top gainers within the Cardano ecosystem over the past 24 hours include SingularityNET ($AGIX), Iagon ($IAG), Adax Pro ($ADAX), Ridotto ($RDT) and ADAPad ($ADAPAD). Additionally, Token Terminal reported that fees have increased by 27.1% over the last month.
Large Addresses Pose Risk
Despite these positive developments for ADA holders, there is also a risk that too many large addresses could end up manipulating prices which could harm those holding onto their tokens. It is important to monitor such transactions closely to ensure that no foul play is taking place.
DeFi Angle Benefitting Cardano
The Total Value Locked (TVL) in DeFi protocols on top of the Cardano blockchain has also grown significantly over the past month, increasing from $56 million to $107 million according to DeFi Llama. This indicates that there is strong demand for financial services built upon the platform and reflects positively on its future prospects.
Overall, while there are risks associated with large transactions on any blockchain network, it seems that overall sentiment towards Cardano remains positive given its thriving developer community and increased interest from institutional investors. With more applications being built upon it each day and its TVL continuing to grow steadily, it looks likely that ADA will maintain its position as one of leading digital currencies into 2023-2024 and beyond.