Cardano (ADA) may not be making big price moves, but it’s certainly making waves in the world of cryptocurrency.
Recent data from analytics provider IntoTheBlock reveals that over $600 million worth of ADA has been accumulated in the $0.249 to $0.271 price range.
This substantial investment activity suggests that major investors are quietly positioning themselves, expecting a potential breakout.
Over the past month, the number of addresses holding between 100,000 and 1 million ADA has grown by 0.87%. More notably, wallets containing over $10 million worth of ADA have surged by an impressive 138.89%.
This surge in investment activity from high-net-worth individuals and institutions reflects a strong and growing confidence in Cardano’s potential.
Despite ADA trading sideways at approximately $0.34, these sophisticated investors see value in Cardano’s long-term roadmap and its momentum in development, making it an attractive prospect for ‘smart money’ players.
One of the key indicators of Cardano’s burgeoning success is the explosive growth of its total value locked (TVL) in decentralized finance (DeFi) applications.
In the past month, Cardano’s TVL has surged by a remarkable 53.22%, reaching a total of $245 million. This puts Cardano in direct competition with Bitcoin in terms of TVL, underscoring the platform’s rapidly growing real-world adoption.
The increasing inflows into Cardano’s staking and yield opportunities signal a potential shift in the DeFi landscape. It suggests that investors are exploring alternative, more cost-effective blockchain platforms like Cardano instead of relying solely on Ethereum.