ADA wallets with balances between 1 million to 10 million tokens have hit a record 12 billion or $9.72 billion in the past week amid network expansion.
The balance in the accounts has risen 41%. Together with those holding over 100M ADA, the whales have recorded a double-digit expansion compared to the prior month.
Data from DeFi Llama shows that the total value locked in the ecosystem has also jumped by $50 million in the past seven days to a high of $160.79 million. Most of Cardano’s TVL is fixed in decentralized exchange SundaeSwap.
The head of research at IntoTheBlock, Lucas Outumuro, notes that Cardano is a promising project in the long run following its steps in the deployment of smart contracts.
Outumuro observed that the blockchain had raised funds from reputable crypto financiers, including Three Arrows Capital.
Cardano’s ADA has since plunged over 70% since peaking at $3 in September last year. The token is currently trading at $0.8080, a 5% decline in the past day.