• Cardano whales are taking advantage of the current price instability below $0.30 to accumulate more tokens.
• The on-chain transaction volume has been rising steadily over the past six months.
• Cardano’s DeFi activity is also seeing positive growth, with total value locked (TVL) and average daily dapp transactions increasing quarter-over-quarter and year-to-date respectively.

Cardano Whales Accumulate Heavily

Cardano whales are leveraging the current price stagnation below $0.30 to accumulate more ADA tokens, pushing their holdings to a level not seen in nearly a year. On top of this, Cardano’s on-chain transaction volume has also been rising steadily for the past six months.

DeFi Activity on Cardano Network Grows

Cardano’s DeFi activity is also growing positively, with its total value locked (TVL) increasing by 10% quarter-over-quarter and going beyond $151 million this year so far. In addition, the network’s average daily dapp transactions have increased 49% from the previous quarter in Q2 2023.

SEC Legal Action Drags Down Price Performance

Despite these positive indicators, Cardano’s overall price performance has been lackluster due to ongoing legal action taken by the Security and Exchange Commission (SEC). This has caused ADA prices to remain within a range of $0.35-$0.26 for several weeks now.

Investors Remain Bullish Despite Price Inaction

Despite all this, investors continue to remain bullish about Cardano as evidenced by their continued accumulation of ADA tokens below $0.30 – indicating that they believe long term gains are still possible despite short term price stagnation.

Conclusion

The accumulation of ADA tokens by whales and sharks coupled with increasing DeFi activity on the Cardano network shows that despite recent legal action dragging down its price performance, investors remain confident in their long term outlook for the crypto asset’s future potential gains