IntoTheBlock has reported a significant increase in on-chain activity on the Cardano network. The blockchain and cryptocurrency market analysis platform affirmed that the number of large transactions with a value greater than $100,000 has risen by more than 5,000% since the beginning of the year.

A total of 69.09 billion ADA were transacted on Mar. 28 alone, representing 99% of the total on-chain volume. Such market behavior hints at institutional players’ and whales’ activity, pointing to how they may be investing and positioning themselves.

Santiment picked up on similar network activity. The behavioral analytics platform recorded a 1.7% increase in the number of whales on the Cardano network. Roughly 42 addresses holding 1,000,000 to 10,000,000 ADA were created since Mar. 21.

Such an uptick in the number of large investors behind Cardano may seem insignificant at first glance. But when considering that these whales hold between $1.2 million and $12 million in ADA, the sudden spike in buying pressure can translate into millions of dollars.

Cardano (ADA) rallied alongside the entire market as the weekend drew to a close. It recorded one of the highest single-day movements during this time. Growing as high as 50%, it has now conclusively left behind the below $1 territory that it had been struggling with given that this rally had seen it touch as high as $1.2.

There is no doubt that this spells good news for the digital asset in the short term. Question remains where Cardano can go from here given that it is coming out of months of subpar performance. (Ada Cardano)

Milkomeda Foundation has announced the launch of C1, an Ethereum Virtual Machine-compatible sidechain that is connected directly to the Cardano blockchain. This layer-2 solution is “a pivotal moment.”

Now, use can seamlessly move assets between the two blockchains, which makes it possible to run popular Ethereum-based decentralized applications (dApps) on top of Cardano. This is achieved with the wrapped smart contract technology, which was recently pioneered by Milkomeda.

In February, the Milkomeda Foundation announced a partnership with interoperability protocol to make it possible to easily bridge assets from the Ethereum network.

Milkomeda Foundation has announced the launch of C1, an Ethereum Virtual Machine-compatible sidechain that is connected directly to the Cardano blockchain. This layer-2 solution is “a pivotal moment.”

Now, use can seamlessly move assets between the two blockchains, which makes it possible to run popular Ethereum-based decentralized applications (dApps) on top of Cardano. This is achieved with the wrapped smart contract technology, which was recently pioneered by Milkomeda.

In February, the Milkomeda Foundation announced a partnership with interoperability protocol to make it possible to easily bridge assets from the Ethereum network.

Whales and ADA go hand in hand – Helped by the arrival of decentralized exchanges (DEX) and decentralized finance (DeFi), the Cardano (ADA) network is attracting more and more investors . If retail buyers are of course part of the game, it is more particularly the whales (the richest investors) who are the most fervent buyers of ADA tokens.

ADA MILLIONAIRES CONCENTRATE 12 BILLION CARDANO PROJECT TOKENS

A few weeks after the launch of its first decentralized crypto-exchanges, in particular the popular SundaeSwap (SUNDAE) , the Cardano network saw its on-chain exchange volumes (on blockchain) literally explode . Even to the point of overtaking exchanges on Ethereum (ETH) .

According to on-chain analysis data from the company IntoTheBlock , cited in particular by Coindesk, the biggest investors would have understood the potential behind the start of DeFi on Cardano.

While the price of ADA has fallen continuously from its all-time high (ATH) around 3 dollars at the beginning of September 2021, whales have been regularly gorging themselves on it . The total amount of tokens held by addresses with between 1 and 10 million ADA (i.e. between 840,000 and 8.4 million dollars) reached 12 billion ADA – just over 10 billion dollars .

OVER 41% MORE ADA IN WHALE POCKETS

While this total stagnated around 8 billion ADA in September 2021, the announcement of the launch of the DEX SundaeSwap in January undoubtedly caused a first strong impulse of purchases in January 2022, with an accumulation of ADA which continued during February.