Cardano reaches new heights in DeFi

In recent times, when the crypto money markets have been quite stagnant, large investor movements in some altcoins draw attention. One of the markets that has been moving according to the latest Blockchain data has been Cardano. According to Santiment data, the number of wallets holding at least 100 thousand ADA exceeded 25 thousand yesterday. This number drew attention as the highest level seen in approximately 1.5 years. On the other hand, looking at the ADA chart, the outlook does not reflect current demand as the price continues to be suppressed. Still, some comments do not rule out the increased interest in the ADA market.

Santiment data also indicates that the accumulation of large investors in ADA has increased steadily since June. ADA price, on the other hand, has seen a fluctuation in the 50% band in the last 3-month period. The increase in demand from the bottom levels in June pushed the cryptocurrency price up to $ 0.37. Then, as the volatility continued to the downside, ADA found balance at this point, falling to an average of $0.29.

Looking at the investors who are currently purchasing ADA at low prices, it is seen that the number is over 25 thousand, which is over 3,000 compared to June. This is interpreted by some market participants as a signal that investors are expecting a bullish coin.

As a result, the ADA price trending downwards from its 2023 peak of $0.46 in April seems to be giving the whales the opportunity to gather more assets. The Cardano network is currently in a period of performance enhancement and scaling that encourages decentralized applications to use the network more. Cardano network developers are working hard to make the network more secure and used by more developers. The most notable among these efforts is Hydra, a layer-2 solution that aims to increase the scalability of the Cardano network using other Blockchain networks.

There is also an increase in the total value locked (TVL) on the Cardano network. According to the latest data, Cardano’s total locked value reached a record 616 million ADA. This is considered by some to be a leading indicator for bullishness. However, despite the potential, it is worth mentioning that Cardano’s TVL is quite low compared to competing networks. According to defilement data, the Ethereum network stands as the largest DeFi network by far, with a TVL of $24.3 billion, while its closest rivals, Tron, have TVL of $5.23 billion and BSC of $3.14 billion. Cardano, on the other hand, is 13th on this list with a low TVL amount of $177.8 million.