Cardano records a 50-fold increase in the number of large transactions in 2022
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Answer Cardano records a 50-fold increase in the number of large transactions in 2022
IntoTheBlock has reported an increase in interest in Cardano among institutional buyers.
It indicated a 50-fold increase in large cryptocurrency transactions across the network of over $100,000 in 2022 alone.
As IntoTheBlock tweeted yesterday, more than 69 billion ADA were transferred as part of such large transactions yesterday.
Tweet embed Experiencing a growing institutional demand
On-chain transaction volume > $100,000 increased only 50 times in 2022
Yesterday, a total of 69.09 b ADA dollars Transferred in these large transactions, which account for 99% of the total volume on the chain pic.twitter.com/aqH7hYIPiV
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– IntoTheBlock (intotheblock) March 29, 2022
These transactions represented more than 99% of the total volume traded on the Cardano network.
This means that the recorded number represents the highest levels of volume the ADA has seen since mid-2018.
ADA cryptocurrency trading volume is still estimated at $1.4 billion, according to data coinmarketcapproviding further evidence that these transactions occur outside of the trading platforms.
ADA price also benefited strongly in the wake of the recent rally in the crypto market, registering a 20.7% increase versus 11% in Bitcoin.
Additionally, the total addresses on Cardano have expanded from 3.5 million to 5 million since the beginning of the year.
Meanwhile, other coins like “Shiba Inu” are seeing a drop in titles.
Other metrics such as average transaction volume remain stagnant, along with Cardano’s popularity in DeFi.
While the $300 million locked in DeFi protocols on Cardano has risen significantly since the start of the year, it still dwarfs the locked value of Ethereum, currently estimated at $126 billion.
Cardano co-founder Charles Hoskinson says:
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Several DeFi protocols are coming to the network after the hard fork this year.
On Monday, he spoke about the importance of maintaining coordination and decentralization in the crypto market during Binance Week in Dubai.
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