Numerous market observers have recently observed a considerable increase in large transactions on the Cardano blockchain network.
According to the researchers, network participants have been much more engaged in recent months. ADA transaction volumes increased from 70 billion to 180 billion, reaching $65.6 billion for the first time in history.
Such a substantial surge piqued the interest of scientists in the origins of the whales’ unexpected activity.
One of the key driving causes, according to traders on Twitter, was the fundamental expansion of the Cardano network. Developers have made great progress in enhancing the platform in recent months, providing an environment suited to large-scale transactions.
The Alonzo hard fork enabled the creation of smart contracts, which most likely boosted to Cardano’s adoption by significant investors. This had an impact on the number of transfers.
In addition, the ecosystem of the blockchain project has grown in different directions. Third-party developers regularly created applications in the decentralized finance (DeFi) sector, non-fungible token (NFT) platforms, and other products.
This opened up an opportunity to attract new participants and large investors, including institutional ones.
Finally, the first Cardano-based meme coin was recently launched. The Husky project inspired speculators. Given the traditionally high volatility of this class of virtual assets, this could also contribute to a surge in activity and an increase in the volume of transactions on the network.
According to data at 13:50 Moscow time, the cost of ADA was fixed at around $0.364, and its market capitalization was $12.63 billion, which fell by 0.4% over the past day.