Cardano Whales Acquire 80 Million ADA Tokens in 48 Hours

Hey there! Exciting news in the world of cryptocurrency – Cardano Whales recently acquired over 80 million ADA tokens in just two days. This caused the price of the token to increase by about 6% to $1.14, with a market cap of $40.29.

In other Cardano news, the DeFi ecosystem is close to reaching a significant milestone of $700 million in Total Value Locked (TVL). This is a huge leap from the $50 million TVL it had back in November 2022. Experts see TVL as a key indicator of how attractive a network is to users and developers. Currently, Cardano’s DeFi TVL makes up around 1.7% of ADA’s total market liquidation.

Thanks to advances in Cardano’s technology, including the Chang upgrade in September, the platform has seen an impressive 233% monthly surge in Total Value Locked (TVL). This growth has solidified Cardano’s position as one of the top performers in the industry. Since the Chang fork implementation on September 1, ADA’s value has skyrocketed by 247% to $1.20, driven further by a post-election bull run.

Over the past 24 hours, trading volume for ADA has increased by about 8%, and in the last 30 days, it has shown an impressive 80% growth, according to CoinMarketCap. However, one metric, the “InTheMoney” indicator, is showing a bearish trend. This metric keeps track of the proportion of ADA investors who are currently making a profit.

Currently, 73% of ADA holders are in the green, 16% are experiencing losses, and 11% are at break-even. Although this marks a slight decrease, the number of profitable investors is higher than it was in early August when ADA’s value dropped below $0.30. Back then, almost 87.6% of holders were facing losses, with only about 12% at break-even.

Exciting times for Cardano – keep an eye on this space for more updates!