Cardano’s on-chain transactions of amounts above $100,000 have jumped 5,000% in 2022 driven by a growing institutional adoption and the anticipated Vasil hard fork.
More than 69 billion ADA tokens were transferred in the Cardano network on March 28 alone, accounting to about 99% of the total on-chain volumes.
The robust activity has caused the network’s native token ADA to set on a bullish momentum in the past weeks as the number of projects increase in the blockchain.
Cardano token rallied significantly prior to the network’s hardforks, which has caused speculations by investors that the gains could be replicated before the hard fork in June.
The protocols, which is ranked as the largest proof-of-stake blockchain, has a market capitalization of $40.3 billion with an increase of $8 billion having been recorded in the past week.
ADA is trading at $1.19, a drop of 1.47%, in the past 24 hours but up 23.72% in the past week.
@Cardano is experiencing increasing institutional demand— IntoTheBlock (@intotheblock) March 29, 2022
The volume of on-chain transactions >$100k has increased by 50x just in 2022
Yesterday, a total of 69.09b $ADA were moved in these large transactions, representing 99% of the total on-chain volumehttps://t.co/8ME8STvRSF pic.twitter.com/aqH7hYIPiV