According to a chart provided by Santiment on-chain data provider, the Cardano network, not SHIB, has been flooded by large investors. In addition, its supporters believe that ApeCoin could initiate a rally as whales receive NFT tokens representing Bored Ape Yacht Club NFTs.
Whales stock in ADA, not SHIB
According to Ali Martinez’s tweet with the Santiment chart, about 42 new wallets have appeared on Cardano in the past nine days. These addresses hold between 1 million and 10 million ADA. The chart shows a huge drop in whale address counts in February this year, when ADA was trading in the $0.9 region. Now, the inflow curve for these wallets has risen sharply, with ADA changing hands at $1.20, up 23.10% weekly.
As we reported on Cryptokoin.com on March 29, IntoTheBlock, He shared that Cardano is seeing more demand from financial institutions than usual. The volume of on-chain ADA transfers carrying more than $100,000 in ADA has increased 50 times so far this year. On March 28, a cumulative 69.09 billion ADA tokens were transferred as part of these transactions, making up 99% of the total ADA volume moved on-chain.
“APE prepares to explode as ETH whales buy NFT tokens”
ApeCoin (APE) price started an uptrend after posting consistent losses over the past week. The team behind the Bored Ape Yacht Club NFT collection, one of the highest-grossing digital collections, came together as ApeCoin DAO and released the token.
It was listed on top crypto exchanges such as Binance, FTX, Coinbase, and OKX, although fans initially criticized the launch of ApeCoin and the hype surrounding the NFT token. Interestingly, ApeCoin’s on-chain activity skyrocketed within 48 hours of its launch. While the price of the NFT token never reached the $20 list price, it did hit an all-time high of $17.17 about 12 days ago.
ApeCoin continued to gain popularity among traders in the community, while the intraday trading volume in the NFT token was $978.65 million. On-chain activity in the NFT token is increasing along with the hype surrounding ApeCoin and Bored Ape Yacht Club NFTs.
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