Cardano ADA sees increased whale transactions, DeFi TVL doubles – Crypto News – Crypto News
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Cardano ADA sees increased whale transactions, DeFi TVL doubles Cardano ADA sees increased whale transactions, DeFi TVL doubles

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Cardano ADA sees increased whale transactions, DeFi TVL doubles – Crypto News

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Cardano’s ADA whale transactions have seen a significant increase this year, according to Santiment data.

On Feb. 3, Sentiment data shown that the Cardano network had 105 transactions of over $100,000 — the highest number since FTX collapsed in November 2022.

Santiment highlights that increased whale action was usually a precursor to “upcoming price shifts.” The firm added that the Last time the network saw these transactions in May 2022, ADA’s value jumped by 36% — historically repeating this year with ADA rising by 59%.

Cardano’s ADA is up 3.1% in the last 24 hours to $0.39 as of press time. The asset has risen by 35% in the last 30 days.

Cardano DeFi TVL doubles

The total value of assets locked (TVL) in the Cardano ecosystem has doubled so far this year — rising to $108.63 million from $48.95 million on Jan. 1, according to DeFillama date,

The TVL’s rise coincided with the launch of Cardano’s overcollateralized To install stablecoin Djed. The stablecoin’s TVL surging to over $10 million within the first 24 hours of its launch.

70 million ADA tokens were added to the network in the last seven days, with Djed accounting for around 30 million of them, according to DeFillama data.

Decentralized exchange (DEX) Minswap is the dominant DeFI protocol in the ecosystem with a TVL of $35.93 million.

The post Cardano ADA sees increased whale transactions, DeFi TVL doubles appeared first on CryptoSlate,

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