Cardano’s ADA token has seen a notable increase in interest from large investors, according to data from analytics firm IntoTheBlock.
This increase translated into an accumulation of 1.89 billion ADA last month, which is equivalent to more than $600 million at current cryptocurrency prices.
$ADA got a strong vote of confidence last month. Big holders accumulated 1.89 billion ADA last month, translating to over $600 million at current prices.
— IntoTheBlock (@intotheblock) November 7, 2023
The most striking thing is that this accumulation mostly took place in a price range of $0.249 to $0.271. This suggests that large investors found ADA to be an attractive investment in that price range and took significant positions in the cryptocurrency during that period.
A STRONG VOTE OF CONFIDENCE IN THE CARDANO PROJECT AS A WHOLE
The distribution of ADA ownership shows an interesting picture, with a growth in holdings by those holding between 100,000 and 1,000,000 ADA, as well as an increase in addresses with holdings over $10 million.
Additionally, Cardano is steadily moving towards its goal of becoming a top 10 cryptocurrency blockchain by total value locked (TVL), a crucial indicator for the vitality of its Decentralized Finance (DeFi) sector.
With a TVL of $245.45 million, Cardano has seen a significant increase of 53.22% in one month. This growth reflects growing investor interest in alternatives to dominant chains like Ethereum.
Despite this intense investment and accumulation activity, the price of ADA has remained surprisingly stable, with a slight decrease of 2.5% in the last 24 hours. Currently, ADA is trading at $0.3487 and its market capitalization stands at approximately $12.3 billion.
These developments signal a general optimism in the Cardano ecosystem, with large investors showing their confidence in the cryptocurrency and the continued growth of its DeFi sector. Cardano is establishing itself as a promising platform in the crypto ecosystem, which could lead to a realignment in the DeFi landscape in the future.