Cardano whales (ADA) are up 1,231% in the first quarter of this year: report

  • Cardano investors with wallets of $ 1 million or more have tripled this year.
  • Active wallet ADA addresses also increased 417.81 percent between January 1 and April 28, 2021.

Cardano (ADA) statistically stuck on an uptrend year-round, driven by growing short-term interest in the underlying technology. Data released by CoinMetrics shows that “heavyweight investors” have at least $ 1 million worth of Cardano in their wallets more than increased thirteen times.

Wallets with an ADA value of at least one million dollars between January 1, 2021 and May 17, 2020 have grown exponentially from 504 to 6,710, an increase of 1,231 percent. This contributed immensely to the rising increase in the ADA price. It’s important to note that despite the recent bloodbath, ADA is still green, up 1,386 percent in the past six months.

Although whales have largely controlled the market, retailers hit a new all-time high, with interest in Cardano news on Google Trends peaking around the world.

As a result, the number of active ADA wallet addresses has increased. The increase marked a 417.81 percent increase between January 1 and April 28, 2021. Transactions also increased by around 382 percent over the same period.

Cardano, the Bitcoin alternative for energy efficiency

Cardano (ADA) has not been spared the market slump triggered by Bitcoin and Ethereum. While Bitcoin has fallen by 30 percent and Ethereum by 38 percent in the past seven days, Cardano has lost around 30 percent over the same period.

As previously reported, Tesla has suspended Bitcoin payments for its electric vehicles. CEO Elon Musk confirmed that the automaker is looking for a more energy-efficient cryptocurrency that uses less than 1 percent of Bitcoin’s energy consumption.

Tesla & Bitcoin

– Elon Musk (@elonmusk) May 12, 2021

ADA turned out to be a suitable candidate. Charles Hoskinson, the founder of Cardano, stated that the Cardano network eliminates power hungry mining computers and uses less than 0.01 percent of the Bitcoin network.

Cardano sees real applications

The Ethiopian government has partnered with Cardano. With this deal, the network will turn the Ethiopian education system into a standard that will help teachers and students to share academic resources smoothly. Ethiopian Education Minister Getahun Mekuria said:

This initiative is about using technology to improve the quality of education.

The Cardano platform is designed for real-world use in agriculture, education, retail, administration, finance, and healthcare.

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