One of the top 10 cryptocurrencies, Cardano Whales accumulated over 80 million ADA tokens in just 48 hours, boosting the token’s price up around 6% to $1.14 with an impressive market cap of $40.29.
#Cardano whales bought over 80 million $ADA in the last 48 hours! pic.twitter.com/hCBb40Fri6
— Ali (@ali_charts) December 12, 2024
Cardano (ADA) Grew after Chang Upgrade
Cardano’s DeFi ecosystem is on the verge of hitting a crucial milestone of $700 million in Total Value Locked (TVL), a sharp rise from its $50 million TVL in November 2022. Experts regarded TVL as a key indicator of a network’s attractiveness to users and developers. Cardano’s DeFi TVL currently accounts for about 1.7% of ADA’s total market liquidation.
Cardano has seen an impressive 233% monthly surge in Total Value Locked (TVL), cementing its position as one of the industry’s top performers. This growth is largely attributed to advancements in Cardano’s technology, including the Chang upgrade in September, which introduced a more transparent and community-driven network infrastructure.
After the implementation of the Chang fork on September 1, ADA price forecast surged by 247% to reach $1.20, further fueled by a broader post-election bull run. Over the past 24 hours, the token’s trading volume has increased by approximately 8%, with an impressive 80% growth over the previous 30 days, according to CoinMarketCap.
Despite the bullish momentum, one metric, the “InTheMoney” indicator shows a bearish trend. This metric tracks the proportion of ADA investors currently in profit.
At present, 73% of ADA holders are in the green, 16% are at a loss, and 11% are at break-even. While this marks a slight decline, the percentage of profitable investors remains higher than in early August, when ADA’s value plummeted below $0.30. At that time, nearly 87.6% of holders were in the red, with only about 12% at break-even.
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