• Cardano (ADA) whales have been heavily accumulating tokens below the $0.30 mark.
• DeFi activity on the network has seen notable growth with TVL rising by nearly 10% quarter-over-quarter and climbing beyond $151 million.
• ADA’s average daily dapp transactions also increased by 49% in Q2, reaching a peak of over 70K transactions per day.
Cardano (ADA) Whales Accumulating Tokens
Cardano whales have been taking advantage of the crypto asset’s current price inaction to accumulate more tokens. A cohort of ADA holders have accumulated back to their highest level not seen in nearly a year as the current value of the crypto-asset struggles below the $0.30 level. According to crypto-analytic platform, Santiment, whales and sharks holding between 100K-10M ADA are at their highest accumulation since September 2022.
Rising DeFi Activity On Cardano Network
Cardano’s on-chain transaction volume was observed to be rising nearly every week for the past six months, showing signs of strength even with its lackluster performance in terms of price action due to legal issues with US SEC dragging it down further from any upside moves. The growing DeFi activity on the network is also worth noting as Total Value Locked (TVL) rose by almost 10% quarter-over-quarter and beyond $151 million while its year-to-date TVL surged by 200%, propelling it from 34th position among all networks in 2023 to 21st place currently.
Increasing Average Daily Dapp Transactions
The layer 1 smart contract platform recorded an increase in average daily dapp transactions which rose 49% from previous quarter in Q2, reaching a peak of over 70K transactions per day. This indicates that investors remain bullish about ADA’s price action despite being trapped within a range between $0.35 – 0.26 for several weeks now due to ongoing accumulation patterns being observed across different cohorts holding different amounts of tokens from 100K – 10M ADA range.
Legal Battles With SEC Weighing Down Price Action
While there has been some positive movement regarding Cardano’s DeFi activity, its performance so far has been underwhelming due mainly to legal issues involving charges brought against it by US Security and Exchange Commission (SEC). This has pulled any potential upside move further away making it difficult for investors looking for short term gains or long term investments alike as they wait out this phase before taking any decisive actions based on market movements or otherwise..
Conclusion
Overall, Cardano is displaying signs of strength due to increasing DeFi activity and higher average daily dapp transactions but its growth is hampered by legal battles with US SEC weighing down on its price action potential in both short term and long term scenarios until some resolution can be reached soon allowing investors more confidence when making decisions related to this crypto asset going forward..