Cardano whales did not take a single break during the weekend. According to key metrics, Cardano is on fire as transactions carried out on the network continue to skyrocket.
Active ADA whales can be credited for this development, mainly because they make up the “big hands” in the market and have mostly contributed to the spike in large transactions. Taking to Twitter, an analyst in the crypto market spotlighted whale movements on the network. His tweet revealed how whale transactions have surged in recent times.
Per the data shared by the analyst, the number of large transactions on the network surged past 3,000 last week. Around this time, ADA transactions exceeding $100,000 on the Cardano network rose.
Although a slight dip was recorded later, an upward correction followed, and transactions skyrocketed to new levels in April. On April 1st, large transactions hit 4,000. Whales managed to push through the bumpy ride, and transactions neared 5,000 on the 11th of April and are now on their way to crossing those levels.
“Large ADA transactions are on the rise, suggesting that Cardano network activity is heating up as institutional players and whales make their moves.This is a bullish sign supporting the ADA uptrend!” The analyst wrote.
As the analyst asserted, the ongoing development might be linked to the rising interest rate in Cardano from institutional players in the market. Notably, Grayscale Investments, the world’s largest digital currency asset manager, rebalanced its funds in the first quarter of 2023.
In the most recent fund component weightings, Cardano is now at 28.31%. This marks an upsurge in component weightings for Cardano from the previous year.
With Grayscale holding significant space for Cardano in its Smart Contract Platform Ex-Ethereum Fund (GSCPxE Fund), exposure to institutional players could undoubtedly increase.
Meanwhile, Cardano (ADA) has had a commendable run for the past month. The asset is among a few others securing monthly gains past 10%. Cardano (ADA) has managed to outperform Bitcoin (BTC) and Ethereum ( ETH), with monthly gains going up to 17%; the second highest, behind Solana (SOL).
Although Cardano ( ADA) was pushed to the red zone in the last hours, gains from the last 72 hours still sit at 3.44% at the time of this report. Cardano (ADA) now trades at a press time price of $0.38.