Large investors bought $155,5 million worth of Cardano tokens in 5 weeks
According to analysts at Santiment, this was preceded by a 7-month period of ADA holders dumping the asset
03.05.2022 - 13:05
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What’s new? Cardano investor addresses holding between 1 million and 10 million ADA have been actively accumulating funds over the past five weeks, according to the crypto analytic platform Santiment. In total, large investors have added 196 million ADA ($155,5 million at the exchange rate on May 3) to their wallets. According to analysts, this was preceded by a 7-month period of holders dumping the asset.
What did the network’s founders say? Cardano Input Output, the founding company, has announced a new upgrade that increases the block size by 9%, from 80 KB to 88 KB. As well as increasing the network’s throughput, the upgrade will improve the performance of decentralized blockchain-based applications.
As of May 3, ADA is trading at $0,7927432, down 10,4% over the week, according to Binance. The market capitalization of the token is $26,7 billion.
What events happened before? In the first quarter of 2022, the volume of transfers on the Cardano network increased dramatically. IntoTheBlock analysts believe this may indicate a massive purchase of ADA tokens by institutional investors. In 2022, the number of transactions over $100 000 increased by 50 times.
In mid-April, the number of large ADA token holders reached a 2-year high. Large investors, with wallet balances of at least 10 million ADA, owned 46,6% of the total number of tokens.
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