Whale-sized transactions from Ethereum’s (ETH) main blockchain competitor Cardano (ADA) are on the rise, according to a popular cryptanalyst.
Ali Martinez says his 21,600 Twitter followers that Cardano transactions exceeding $100,000 are increasing, “indicating a growing commitment from institutional investors and ADA whales.”
“The volume of large ADA transactions exceeding $100,000 on the Cardano network is on the rise!
This trend indicates the growing commitment of institutional investors and ADA whales, shedding light on their investment strategies.”
ADA is worth $0.324 at the time of writing. Cardano is up 0.28% in the last 24 hours and almost 5% in the last week. The seventh-ranked crypto asset by market capitalization is also up nearly 30% since the start of 2023.
Despite the price recovery this year, ADA remains more than 89.5% below its all-time high of $3.09, which it hit in September 2021.
In addition to increasing whale transactions, Cardano also tops the charts in terms of weekly development activity on the GitHub development hosting platform.
The pseudonymous cryptanalyst Bagsy shared a chart earlier this week via the ProofofGitHub Twitter account indicated that Cardano was leading all other crypto projects in that regard.
ProofofGitHub is powered by cryptanalysis company Santiment.
Santiment has said that a large amount of development activity in a blockchain ecosystem may indicate that people believe in its future.
Interoperability blockchain Polkadot (DOT) and its sandbox Kusama (KSM) tied for second in terms of weekly GitHub development activity, according to ProofofGitHub. Ethereum came in third.
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