Whale Interest Rises as Cardano Wallets Increase By 30k in One Week

0
23
Daedalus wallet

As posted by Whalestats, whale interest in Cardano (ADA) appears to be increasing. According to the whale movement tracker, the token was once again among the top 10 purchased tokens among the top 100 BSC (Binance Smart Chain) whales in the last 24 hours.

Read: Cardano Founder’s Predictions for Blockchain Project Came True; Slams Critic 

However, the vast majority of whales are now holding stablecoins. This is not shocking, considering how much the cryptocurrency markets have fallen over the past week. Only $6.3 million, or 0.78%, of the holdings, are made up by Cardano.

3IBHEbPi7bg6NiR4YlkHmEnvD

Along with the rise in whale interest, ADA also saw a dramatic rise in the number of new wallet addresses. According to data on Cardano fans, the number of ADA wallets jumped by roughly 30k in a week. The Defi platform had 3,638,425 wallets on November 7; by November 13, that number had increased to 3,671,522.

vl43wKGmAQyn92NbzJWoBC4nl2iNyG9VYPc39 VhHcEfn9w3f3WQmRfTr

Read also: Ledger Now Allows Users to Create Cardano Smart Contracts 

What Made Cardano Immune to FTX?

Fortunately, ADA was one of the crypto projects that was least impacted after FTX collapsed. The founder of Cardano, Charles Hoskinson, stated that FTX did not list ADA because it was too new of a cryptocurrency. Nobody anticipated that the ADA community would benefit from this decision.

Additionally, following the collapse of FTX, ADA saw an uptick in activity. Following the spread of the FTX problem, ADA transactions increased.

ijchIbarHE22y8OVL3jCdkd9Uu2VuhuD7IueNTO8KsBbQ6FZ0kSZ4mA1o0gwdhcCpSXnawzPtS3Yg1UQwcx5mIY udEovyCHgdXm3RJqA7CSi6zwpwPyVLgeQ RMXijvzVLHFVgIYaqUkuDfh87pH33k0FweC KN8tIWDKwBf2pl5 3hkt1EuiWfV5rK A

Furthermore, Hoskinson was among the first to predict that due diligence might prevent Binance from acquiring FTX, and he was right. According to Hoskinson, these processes frequently expose unsettling truths about the founders’ relationship with the fund.

Cardano (ADA) was trading at $0.339919 at the time of publication, up 0.1% over the previous day. The token is down 15.8% from the prior week, nevertheless. Additionally, ADA was currently down 89.0% from its $3.09 all-time high in September 2021.

LEAVE A REPLY

Please enter your comment!
Please enter your name here