Number of large transactions on Cardano network increasing, bullish for ADA?

Yesterday you could already read in the market update that cardano (ADA) was after ethereum (ETH) the hardest riser of the day from the top ten crypto. In the past seven days, the cardano price is in the green by no less than 18%, which currently stands at $0.4581. In addition to this positive price development, the network also shows a significant increase in activity.

Large transactions are increasing on Cardano network

This increase in activity is evidenced by the number of large transactions on the network, which is believed to be the result of institutional players and whales. According to data from blockchain analytics firm IntoTheBlock, the number of large transactions has risen to 4,730 in the past 24 hours, the highest point in the past seven days.

The popular crypto on chain analyst noted this increase in activity and said the following about it in a tweet:

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 that the ADA uptrend supports.”

In addition shared Ali also shared data from intoTheBlock last week showing that Cardano whales had bought more than 560 million ADA in two weeks, worth more than $218.4 million. This increase in buying activity of these major players can be seen as a positive indication of their confidence in the long term of the network.

Growth Cardano ecosystem

In addition, the development of the Total Value Locked (TVL) see a positive image of the network. Out data from Defillama shows that the TVL has increased significantly from the beginning of 2023 to a current total of $171.51 million. At the beginning of the year, this number was still under $50 million. The TVL is the total value deployed in decentralized finance (DeFi) protocols on the blockchain in question.

You could also read in the Cardano news this week that Input Output Global (IOG), the company behind Cardano, has launched a new native light wallet called Lace.