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Walrus-like investors appear to be hunting for Cardano (ADA) bargains as the DeFi protocols of the programable blockchain expand.
Cardano's (ADA) whale holdings hit a record high.
In the week ending February 12th, the total amount of ADA held by addresses with 1 million to 10 million active accounts reached a record high of 12 billion ADA ($9.72 billion), representing a 41 percent increase since the end of January.
During the course of a week, Cardano's Total Value Locked reached a new record high of $160.79 million. The SundaeSwap DEX holds more than 70% of the funds.
"Cardano appears to be showing signs of promise for more in the future after years without launching smart contracts. According to Lucas Outumuro, head of research at IntoTheBlock, this appears to be translating into an accumulation of ADA from large players.
According to Outmuro, "Cardano has been lacking smart contract capabilities for years, but this is beginning to change." "Reputable crypto funds such as Three Arrows Capital have raised capital for DEXs on Cardano."
A $2.6 million funding round led by iAngels and several other investors, including the actor and producer, was announced last week by DEX AdaSwap, based in Cardano. Her husband Jaron Varsano and Gal Gadot
This year, whale holdings have grown by more than 40%. Since the 70% correction, these addresses have been accumulating rapidly. Outumuro said this group, as well as those with more than 100 million ADA, saw double-digit growth month-over-month.
If the broader market regains its footing, the return of significant investor interest could be a good sign for the future. Whaling sales that took place in the beginning of September foreshadowed future strandings. As Outmuro pointed out, "These [whale] addresses had previously sold a large number of their holdings just before ADA began to crash.
On September 2, ADA hit a high of $3 and has since lost more than 70% of its value. The ninth-largest cryptocurrency by market value was trading at $0.8080 at the time of this writing, down 5% in the last 24 hours.
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